Why did MARA Holdings stock fall after earnings?

MARA Holdings shares fell after the company reported a $1.26 billion quarterly net loss and disclosed nearly $1.5 billion in Bitcoin sales. Investors also reacted to weaker revenue, which dropped 18% year-on-year to $175 million as Bitcoin prices declined during the quarter.

How much Bitcoin did MARA Holdings sell in Q1 2026?

MARA Holdings sold 20,880 Bitcoin during the quarter, including 15,133 Bitcoin sold between March 4 and March 25 for about $1 billion. The company used most of the proceeds to buy back convertible notes and reduce debt rather than expand mining operations.

Why is MARA Holdings selling Bitcoin instead of holding it?

MARA Holdings appears to be prioritising balance-sheet repair and infrastructure investment over aggressive Bitcoin accumulation. The company used roughly $1 billion from Bitcoin sales to reduce convertible debt by about 30%, lowering total debt from $3.3 billion to $2.3 billion.

Is MARA Holdings still one of the biggest corporate Bitcoin holders?

Yes, MARA Holdings still holds 35,303 Bitcoin valued at roughly $2.84 billion based on the article’s figures. That keeps the company among the world’s largest corporate Bitcoin holders despite the recent sales.

What is MARA Holdings’ new strategy beyond Bitcoin mining?

MARA Holdings is shifting toward AI infrastructure, IT hosting and energy assets instead of focusing mainly on Bitcoin mining growth. The company said around 90% of its non-hosted mining capacity could be converted for AI and data infrastructure use cases.

What does the Long Ridge Energy acquisition mean for MARA Holdings?

MARA Holdings is buying Long Ridge Energy in a deal valued at about $1.5 billion, including debt. The acquisition gives MARA access to a 505-megawatt gas-fired power plant in Ohio and could provide more stable cash flow through projected annualised EBITDA of $144 million.

Is MARA Holdings becoming more of an AI infrastructure company?

Partly, yes, although Bitcoin mining remains a major part of the business. Management is repositioning the company to benefit from rising AI and data-centre power demand, which could diversify revenue if crypto mining margins weaken again.

What are the main bullish points for MARA Holdings after this news?

Bullish investors may focus on MARA Holdings reducing debt, keeping a large Bitcoin treasury and expanding into AI infrastructure and energy assets. Supporters may also view the Long Ridge acquisition as a move toward more diversified and potentially steadier earnings.

MARA shares slide after $1.5B Bitcoin sales

Written by Isaac FrancisPublished May. 14 2026

MARA Holdings shares fell after the Bitcoin miner disclosed a $1.26 billion first-quarter net loss and confirmed it sold nearly $1.5 billion worth of Bitcoin during the period.

The company sold 20,880 Bitcoin in the quarter, including 15,133 Bitcoin sold between March 4 and March 25 for about $1 billion, with most proceeds used to repurchase convertible notes and reduce debt.

Revenue declined 18% year-on-year to $175 million as weaker Bitcoin prices weighed on results, while MARA’s remaining holdings of 35,303 Bitcoin were valued at roughly $2.84 billion, keeping the company among the world’s largest corporate Bitcoin holders.

MARA said around $1 billion from the Bitcoin sales reduced its convertible debt burden from $3.3 billion to $2.3 billion, generating a $71 million gain from debt extinguishment and improving its balance sheet position.

The company also confirmed it would move away from aggressive Bitcoin mining expansion by limiting future ASIC hardware purchases while repurposing approximately 90% of its non-hosted mining capacity toward AI and IT infrastructure operations.

MARA’s largest strategic move was its roughly $1.5 billion acquisition of Long Ridge Energy from FTAI Infrastructure, which includes a 505-megawatt gas-fired power plant in Ohio and is projected to generate $144 million in annualised EBITDA.

The company is also cutting 15% of its workforce in a restructuring expected to save $12 million annually, while MARA shares closed down about 5% on Tuesday despite remaining roughly 30% higher over the past month.

At the time of reporting, Bitcoin price was $79,410.46.