MARA · Marathon Digital Holdings, Inc.

This acquisition represents a strategic inflection point for MARA, shifting from a Bitcoin mining-focused operator to an integrated digital energy infrastructure platform. By acquiring Long Ridge—a fully permitted, operational 505 MW combined-cycle gas plant co-located with MARA’s existing 200 MW Hannibal data center—MARA gains immediate control over scalable, dispatchable power generation, land, fuel supply, and grid interconnection in PJM, one of the most active U.S. power markets. The site supports multiple monetization pathways: wholesale power sales into PJM, long-term HPC leases, flexible compute (including Bitcoin mining), and future AI/Critical IT buildouts targeting up to 600 gross MW. Critically, the transaction is not greenfield development—it eliminates permitting, interconnection, and construction risk while delivering $144 million of annualized Adjusted EBITDA (non-GAAP) based on 2H 2025 performance, with all-in operating costs under $15/MWh. The $785 million bridge loan from Barclays backstops financing, and the deal expands MARA’s total operational and development capacity to ~2.2 GW across PJM, ERCOT, SPP, and international markets. Management explicitly frames this as foundational to its 'optimized digital infrastructure strategy,' citing power scarcity as the key constraint in AI deployment—and Long Ridge as a rare, replicable-at-scale asset that vertically integrates generation, fuel, and compute. Closing remains contingent on antitrust and energy regulatory approvals, introducing execution risk, but the structure—including seller cooperation on debt refinancing and change-of-control consents—suggests strong alignment toward timely completion.