比特幣礦商 MARA 狂拋 15 億美元持幣，轉向 AI 、高效能運算

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Once a "die-hard" Bitcoin holder, mining giant MARA Holdings (MARA) is undergoing a strategic pivot. While its mining rigs continue to run day and night, it is 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 rigs, shifting its focus instead to AI (Artificial Intelligence) and HPC (High-Performance Computing) infrastructure. For many years, whether a miner purchased large quantities of ASIC rigs has been viewed by the market as a key indicator of its mining capacity expansion. Now that MARA is actively hitting the brakes, it signals that the company's growth expectations for its mining business have cooled significantly. A Full Pivot to AI and HPC 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 hopes of deploying AI data centers and IT infrastructure alongside its existing mining sites. In other words, MARA hopes that the same power system can 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 could potentially be converted to support AI and IT infrastructure in the future. As the AI boom sweeps the globe, the surge in power demand for data centers and LLM (Large Language Model) training has suddenly turned Bitcoin miners—who possess vast amounts of cheap energy and facility resources—into "strategic assets" in the eyes of tech giants. Financial data shows that MARA's Q1 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 off $1.5 billion worth of Bitcoin in the first quarter to bolster cash flow and repay debt, including a $1.1 billion sale at the end of the quarter specifically to buy back the company's convertible notes. 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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2026-05-12

MARA Q1 營收年減 18% 低於預期、13 億美元淨虧壓垮盤後股價

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來源：區塊客

發佈：2026-05-12 11:05:24

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