MARA to Buy Long Ridge Plant for $1.5B, Plan 1GW AI Campus

MARA Holdings agreed to buy Long Ridge Energy & Power from FTAI Infrastructure for $1.5 billion, the company announced Thursday. The purchase includes the assumption of at least $785 million in existing debt, with the cash portion of the price backstopped by a bridge loan from Barclays.

The Long Ridge site in Ohio includes gas-fired generation capacity and supporting infrastructure. MARA expects the asset to contribute about $144 million of annualized adjusted EBITDA based on second-half 2025 performance, adding immediate cash-generating operations to its balance sheet.

MARA plans to combine the plant’s generation, land, water and fiber connectivity to create an integrated power and data campus with more than 1 gigawatt of potential capacity. The company said the campus will support its bitcoin mining operations and can host third-party computing customers, including tenants that require sustained high-capacity power for artificial intelligence and IT workloads.

CEO Fred Thiel described the site as a highly efficient, contracted energy platform that brings large-scale power, fuel supply and grid interconnection together in one location. He said MARA has received inbound interest from multiple potential AI and IT tenants.

The transaction follows recent balance-sheet actions by MARA. About a month before the acquisition announcement, the company sold 15,133 bitcoin for roughly $1.1 billion and used the proceeds to repurchase about $1 billion in aggregate principal of its zero-coupon convertible senior notes due 2030 and 2031. In March, MARA expanded its 2026 treasury policy to permit sales of bitcoin held on its balance sheet; the prior policy had limited sales to newly mined coins.

The bridge loan from Barclays will support the cash portion of the deal while MARA completes transaction financing. FTAI Infrastructure will transfer ownership of the Long Ridge facility as part of the agreement.

The MARA Foundation, a separate entity focused on Bitcoin adoption and network resilience, said it will continue work on education, advocacy and open-source research. The foundation also plans to support development of a stronger fee market for bitcoin transactions and committed $100,000 to a nonprofit chosen through a community vote.

MARA said it will expand the Long Ridge site’s infrastructure to reach the targeted more-than-1 GW footprint and pair power production with data center space to serve both its own mining operations and external computing customers.