Key Takeaways:
Bitcoin miner MARA Holdings Inc. is moving to secure its own power source, agreeing to acquire the Long Ridge Energy & Power facility for approximately $1.52 billion in a strategic push for vertical integration. The deal, announced Thursday, marks a significant effort by a publicly traded crypto miner to control energy costs and expand into artificial intelligence infrastructure.
"The sale of Long Ridge is a key step in our strategic plan at FIP, unlocking value to our shareholders and deleveraging our company,” Ken Nicholson, Chief Executive Officer of seller FTAI Infrastructure Inc., said in a statement. “Long Ridge has grown from a brownfield development project we commenced nearly a decade ago into an exceptional operating platform."
The transaction includes a highly efficient 485-megawatt combined-cycle gas power plant in Hannibal, Ohio, and approximately 1,600 acres of land. MARA will assume at least $785 million in debt as part of the deal, which is expected to close in the third quarter of 2026, pending regulatory approvals. The Long Ridge assets are projected to generate about $144 million in annualized adjusted EBITDA. Shares of FTAI Infrastructure rose about 12 percent in pre-market trading on the news, while MARA’s stock gained around 3 percent.
This acquisition is central to MARA’s strategy to mitigate the high energy consumption inherent in Bitcoin mining and to diversify its operations. By owning a power source, MARA can gain a competitive cost advantage over rivals who are subject to fluctuating energy prices. The company stated the deal increases its owned and operated power capacity by about 65 percent and that the site could eventually support over 1 gigawatt of power, paving the way for a major expansion into AI and other high-performance computing workloads starting in 2027.
The move highlights a growing trend among cryptocurrency miners to integrate vertically by acquiring energy assets. As mining difficulty increases and profit margins tighten, direct control over power—the single largest operational expense—is becoming a critical strategic priority. This acquisition provides MARA with a stable, low-cost energy supply and a platform for future growth outside of pure-play mining.
The seller, FTAI Infrastructure, will use the proceeds to repay approximately $300 million of its corporate debt, in addition to eliminating $1.16 billion of debt associated with Long Ridge. Jefferies and Lazard served as financial advisors to FTAI Infrastructure on the transaction.
This article is for informational purposes only and does not constitute investment advice.
