MARA agrees $1.5 billion Long Ridge acquisition to expand into power and data infrastructure

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MARA acquires Long Ridge for $1.5B

Highlights

MARA agreed to acquire Long Ridge Energy & Power from FTAI Infrastructure for $1.5 billion, assuming at least $785 million in debt and financing the remainder with cash and a Barclays bridge loan.
The acquisition is expected to add approximately $144 million in annualized adjusted EBITDA in 2H 2025, with plans to develop the Ohio site into a 1 GW integrated digital infrastructure campus targeting AI and IT tenants.
Following the $1.1 billion bitcoin sale and $1 billion note repurchase, MARA has accelerated its diversification from bitcoin mining, expanded its digital asset management strategy, and committed $100,000 to a nonprofit via the MARA Foundation.

Deal structure and campus expansion plan

The company said in a statement on Thursday that the purchase of Long Ridge Energy & Power from FTAI Infrastructure includes the assumption of at least $785 million in existing debt, with the rest to be paid in cash and supported by a bridge loan from Barclays.

MARA says the acquisition is expected to contribute about $144 million in annualized adjusted EBITDA based on Long Ridge's performance in the second half of 2025. The company plans to turn the site into an integrated digital infrastructure campus with more than 1 GW of potential capacity, combining power generation, land, water access and fiber connectivity.

Chief Executive Fred Thiel describes the asset as a highly efficient contracted energy platform that brings together large-scale power, fuel supply and grid interconnection in one location. He says the Ohio site is also positioned to expand into a flagship AI campus, adding that MARA has already received inbound interest from potential AI and IT tenants.

Strategy shift beyond bitcoin mining

The transaction follows MARA's recent efforts to diversify its business model away from dependence on bitcoin mining alone. Nearly a month earlier, the company sold 15,133 bitcoin for 1.1 billion and used the proceeds to repurchase $1 billion in aggregate principal of its 0.00% convertible senior notes due in 2030 and 2031.

That pivot has accelerated since MARA revised its treasury policy in March, expanding its 2026 digital asset management strategy to allow sales of bitcoin held on its balance sheet. Alongside the operating shift, the MARA Foundation says it is focusing on long-term adoption and resilience of the Bitcoin network through education, advocacy and open-source research.

The foundation also says it aims to support the development of a stronger fee market for bitcoin transactions as block rewards decline over time. As part of its launch, MARA committed $100,000 to one nonprofit organization through a community vote.

Our earlier report on surging electricity demand from AI and data center growth explained how U.S. lawmakers are revisiting grid planning, generation needs, and who ultimately pays as peak load rises. It highlighted proposals aimed at protecting ratepayers while addressing a projected gap between demand growth and expected retirements of dispatchable power, alongside calls from utilities and regulators to balance reliability, affordability, and transmission buildout.

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