MARA Holdings Acquires Long Ridge Power Plant Assets for $1.5 Billion
MARA Holdings announced an agreement with FTAI Infrastructure to acquire Long Ridge Energy & Power for approximately $1.5 billion, of which about $785 million is for assuming debt.
Long Ridge owns a 505 MW natural gas combined cycle power plant in Hannibal, Ohio, and over 1,600 acres of industrial land. MARA plans to use the plant's electricity to build a data center campus.
The transaction is expected to be completed in the second half of 2026, pending regulatory approvals from FERC and others, with the existing power supply scale of Long Ridge remaining unchanged after the takeover.
This move marks an important step for MARA in transforming from a Bitcoin mining company to a digital infrastructure and energy company.
Source: Public Information
ABAB AI Insight
MARA Holdings, previously a Bitcoin mining company, has significantly deployed its own computing power and electricity procurement. This acquisition continues its transition from pure mining to vertically integrated energy and computing for 2024-2025. Earlier, it expanded its own power capacity through the acquisition of multiple power plants, and the Long Ridge deal is a key action to deepen its layout in the PJM interconnection area.
In terms of capital structure, MARA completed the acquisition using a combination of equity and debt financing, supported by bridge loans from Barclays. The motivation is to directly convert the stable 505 MW natural gas generation into data center power assets, locking in low-cost electricity to support AI and high-performance computing expansion while reducing reliance on external grids and power purchase agreements, achieving controllable energy costs and diversified revenue.
Similar to cases of mining companies like Riot Platforms or Core Scientific transforming into data center operators through power plant acquisitions, or tech giants like Amazon and Microsoft building their own generation facilities, MARA is currently in a mid-stage transition from a Bitcoin mining company to a comprehensive digital infrastructure operator, focusing on building competitive barriers through power asset control.
Essentially, this represents a restructuring of the industry chain: Bitcoin mining companies are shifting from "buying electricity to mine" to "owning generation + computing services". The mechanism is driven by the explosive demand for stable high-power supply from AI data centers, making natural gas plants a strategically scarce resource, allowing MARA to gain power pricing rights and a leading position in infrastructure within the PJM market.