Bitcoin miner MARA dumps $1.5 billion in BTC holdings, pivots to AI and high-performance computing

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Mining giant MARA Holdings (MARA), which once "clung" to Bitcoin, is undergoing a strategic pivot. Although its mining machines continue to run day and night, it is becoming increasingly difficult to argue that "mining" remains the absolute core of the company. MARA's earnings report released on Monday shows that the company sold $1.5 billion worth of Bitcoin in the first quarter of this year and stated that it will no longer make large-scale purchases of ASIC mining machines, shifting its focus instead to AI (Artificial Intelligence) and high-performance computing (HPC) infrastructure. For many years, whether a miner purchased a large number of ASICs has been viewed by the market as a key indicator of expanding mining capacity. Now that MARA is actively hitting the brakes, it signifies that the company's growth expectations for its mining business have cooled significantly. A Full Pivot to AI and High-Performance Computing In contrast, MARA is now more focused on "power resources" themselves. The company stated that its future energy and infrastructure strategy will gradually shift toward AI and HPC demands, with the hope of deploying AI data centers and IT infrastructure alongside its existing mining sites. In other words, MARA hopes that the same power system can be used to both mine Bitcoin and be diverted to AI computing based on market demand. MARA further revealed that approximately 90% of its current self-operated mining capacity has the potential to be converted to support AI and IT infrastructure in the future. As the AI boom sweeps across the globe, the surge in power demand for data centers and large language model (LLM) training has suddenly made Bitcoin miners, who possess vast amounts of cheap energy and data center resources, "strategic assets" in the eyes of tech giants. Financial data shows that MARA's first-quarter revenue fell 18% year-over-year to $174.6 million, with net losses widening to $1.3 billion, primarily due to unrealized losses caused by the decline in Bitcoin. To revitalize assets and alleviate financial pressure, MARA sold a massive $1.5 billion worth of Bitcoin in the first quarter to bolster cash flow and repay debt. In the final stretch of the quarter alone, it sold $1.1 billion worth of Bitcoin specifically to buy back the company's convertible bonds. According to BitcoinTreasuries data, following this sell-off, MARA has dropped from 2nd to 4th place in the ranking of public companies holding the most Bitcoin globally.

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Published:2026-05-12 11:05:24

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