$1.5B Ohio Energy Acquisition Marks MARA's Major Push Into AI Infrastructure
In a $1.5 billion transaction, MARA is set to purchase Long Ridge Energy, securing a 505 MW power generation facility and accompanying data center infrastructure as cryptocurrency miners transition toward AI and high-performance computing operations.
Cryptocurrency mining company MARA announced a definitive agreement to purchase Long Ridge Energy & Power in a deal valued at approximately $1.5 billion, bringing under its control a 505-megawatt natural gas-powered generation facility alongside a co-located data center property situated in Ohio.
Trading on the Nasdaq exchange, MARA's stock price climbed over 12% in response to the announcement made Thursday, building on a sustained upward trend that has delivered approximately 55% gains throughout the previous month, based on data from Yahoo Finance.
According to projections, the acquisition will generate approximately $144 million in annualized adjusted EBITDA while expanding MARA's controlled and operational power generation capabilities by around 65%, elevating the site's aggregate potential capacity beyond 1 gigawatt when factoring in 200 MW of currently available capacity alongside expansion potential for compute infrastructure reaching up to 600 MW.
Situated on a sprawling 1,600-acre property in Hannibal, Ohio, the facility offers strategic access to essential infrastructure including electrical power, land resources, water supply and fiber connectivity, attracting significant attention from artificial intelligence and data center prospective tenants.
Completion of the deal is anticipated during the latter half of 2026, pending receipt of necessary regulatory clearances, and encompasses the absorption of approximately $785 million in existing debt obligations supported through a bridge financing arrangement provided by Barclays. According to MARA, initial construction activities on the first phase of development could commence during the opening half of 2027, with full operational status projected for mid-2028.
The property features a combined-cycle natural gas generation plant delivering comprehensive operating expenses under $15 per megawatt-hour, with MARA's strategic plan calling for matching prospective computational requirements with supplementary on-site power generation capabilities.
This strategic acquisition follows MARA's purchase of a controlling ownership position in Exaion, a France-based computing infrastructure operator, completed in February, wherein the company secured a 64% equity stake as an element of its broader diversification into artificial intelligence and cloud computing services.
Shift to AI accelerates across Bitcoin mining sector
The acquisition by MARA represents part of a broader pattern as Bitcoin mining enterprises intensify their strategic movement into artificial intelligence and high-performance computing (HPC) operations.
During January, CleanSpark entered into an agreement to purchase 447 acres located in Texas designated for development of a 300-MW data center focused on AI applications. During March, Core Scientific obtained a $500 million credit facility arranged through Morgan Stanley intended to finance data center buildout, hardware acquisitions and supplementary power infrastructure.
In recent weeks this month, CoreWeave, an AI cloud infrastructure provider that previously operated as a Bitcoin mining entity before transitioning to high-performance computing operations, formalized a multi-year partnership arrangement with Anthropic to accommodate computing workloads supporting its Claude artificial intelligence model. Additionally, HIVE Digital Technologies disclosed intentions to secure $75 million via a private placement offering earmarked for graphics processing unit acquisitions and data center infrastructure expansion.
The strategic repositioning of Bitcoin mining companies toward AI and HPC operations has generated considerable discussion regarding whether diminished mining participation might compromise blockchain network security protocols, given that both sectors are vying for identical power generation resources.
Nevertheless, certain organizations remain committed to emphasizing their ongoing Bitcoin network support. This Tuesday, MARA announced the establishment of the MARA Foundation, an initiative dedicated to enhancing network security measures, encompassing investigation into quantum computing vulnerabilities, while simultaneously broadening self-custody solutions and educational outreach programs.
