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MARA Holdings (NASDAQ: MARA) shares fell nearly 5% during intraday trading on May 12 after the Bitcoin mining company reported disappointing first-quarter 2026 earnings and disclosed a large Bitcoin sale. The drop reflects investor concerns about profitability, the company’s debt strategy, and its transition away from traditional crypto mining.
In Q1 2026, MARA liquidated 20,880 BTC valued at nearly $1.5 billion. The company said a significant portion of the sales was linked to balance sheet restructuring, including repurchases of convertible notes.
Between March 4 and March 25, MARA sold 15,133 BTC for approximately $1.1 billion. The company used around $1 billion of the proceeds to reduce its convertible debt from $3.3 billion to $2.3 billion, generating a $71 million gain associated with debt extinguishment transactions.
MARA reported a net loss of $1.26 billion for the quarter, more than double the $533 million loss recorded a year earlier. Revenue declined 18% year-over-year to $175 million, with weaker Bitcoin prices weighing on operations.
Despite the earnings miss, MARA is expanding its infrastructure footprint. The company recently acquired Long Ridge Energy from FTAI Infrastructure in a deal worth nearly $1.5 billion, including assumed debt.
The Ohio-based asset includes a 505-megawatt gas power plant and more than 1,600 acres of land. MARA expects the acquisition to contribute roughly $144 million in annualized EBITDA.
As part of its strategic shift, MARA is moving toward artificial intelligence and high-performance computing infrastructure. The company stated that 90% of its non-hosted mining capacity can be repurposed for AI and IT deployments.
MARA also plans to reduce operating costs by cutting 15% of its workforce and slowing large-scale ASIC mining hardware purchases.
While MARA reduced its Bitcoin holdings, it still owns 35,303 BTC worth approximately $2.84 billion, making it one of the largest corporate Bitcoin holders globally.
After the earnings release, MARA stock traded around $12.65, and shares remain up more than 30% over the past month.
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