MARA Restructures Texas Power Deal Terms Eleven Weeks After Close

MARA Holdings (NASDAQ: MARA), with a market capitalization of approximately $5 billion, is a bitcoin miner actively repositioning itself as a broad digital infrastructure operator. The company holds 19 data centers across four continents and, as of June 30, 2026, reported 70.3 EH/s of energized hashrate. Its core revenue remains bitcoin mining, which accounts for the large majority of its $349 million in first-half 2026 revenues.

Financially, the company has moved sharply into loss territory. The first half of 2026 produced a net loss of $1.87 billion attributable to common stockholders, driven overwhelmingly by mark-to-market losses on its bitcoin holdings rather than operational deterioration. Revenue fell 18% in Q1 and 27% in Q2 year-over-year, reflecting lower average bitcoin prices. On an operating basis, adjusted EBITDA was negative $1.4 billion for the six months ended June 30, 2026, though the company held approximately $2.5 billion in combined unrestricted cash and bitcoin at quarter end.

MARA's stated strategy is to accumulate large-scale, grid-connected power assets and convert them into AI and high-performance computing infrastructure through a joint venture with Starwood Digital Ventures. That strategy has driven a significant acquisition campaign: the pending $1.5 billion Long Ridge Energy & Power deal, a February 2026 strategic agreement with Starwood, and the July 2026 Texas land and power acquisition at issue here.