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Bitcoin has risen roughly 30% over the past two months, moving from a February low near $62,000 to around $80,621 by May 12, as investors renewed interest in assets viewed as resistant to currency debasement.
MARA Holdings sold 20,880 Bitcoin worth $1.5 billion in Q1 2026, according to its May 12 earnings disclosure. The company said the proceeds were used to retire debt and support its shift toward AI infrastructure.
Of the proceeds, MARA used $1 billion to retire roughly 30% of its convertible debt, reducing obligations from $3.3 billion to $2.3 billion. MARA also reported a $1.26 billion net loss and said it fell from second to fourth among public Bitcoin holders.
The funding is tied to MARA’s largest acquisition: a $1.5 billion deal for the Long Ridge Energy & Power campus in Ohio. The agreement includes a 505-megawatt gas-fired plant and 1,600 acres intended for AI data center development.
MARA expects to repurpose up to 90% of its mining capacity for AI workloads. During the earnings call, CFO Salman Khan said Bitcoin is not only a reserve asset on the balance sheet but also a source of strategic financial flexibility.
As reported by Cryptopolitan on May 9, MARA’s Long Ridge deal aligns with similar pivots from IREN and DMG.
Publicly listed miners collectively sold more than 32,000 BTC in Q1 2026, surpassing total miner sales for all of 2025.
JPMorgan analysts led by Nikolaos Panigirtzoglou said Bitcoin ETFs have recorded inflows for three consecutive months through May, while gold ETFs are still struggling to recover from outflows that followed March’s Iran conflict.
The bank’s view, as reported by The Block, is that Bitcoin’s rise has come at the expense of gold.
Ray Dalio reiterated a related thesis in a Forbes interview last week, arguing that fiat currencies tend to decline over time while gold rises, implying fiat may not be an effective store of wealth.
JPMorgan’s framework ties the move to a “debasement trade,” in which investors shift capital into scarce assets as paper currencies weaken. The backdrop cited is roughly $39 trillion in U.S. federal debt.
JPMorgan also highlighted a split within the “treasury cohort.” Strategy added 145,834 BTC year-to-date and could buy $30 billion of Bitcoin in 2026 at its current pace. Strategy now holds 818,334 BTC worth more than $65 billion.
By comparison, MARA holds 35,303 BTC post-quarter, valued at roughly $2.84 billion, and is no longer adding to its position.
The divergence reflects different strategic priorities: Strategy treats Bitcoin as a generational accumulation play against fiat debasement, while MARA treats it as balance-sheet ammunition, converting mining capacity into AI power infrastructure for hyperscaler tenants that will pay in dollars.
Goldman Sachs raised its year-end gold target to $5,400 per ounce, citing lower long-term volatility and central bank demand.
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