MARA Holdings, Inc. agreed to acquire Long Ridge Energy & Power LLC from FTAI Infrastructure Inc. for about $1.5 billion, adding a 505 MW natural gas plant in Hannibal, Ohio and expanding MARA’s energy and compute platform.

The deal includes assuming roughly $785 million in existing debt, with the remainder financed in cash and supported by a Barclays bridge loan.

Long Ridge was a brownfield project developed by FTAI, using a GE 7HA.02 turbine, hydrogen-blend capable, with commercial operations since around 2021.

This acquisition is part of MARA’s shift from pure bitcoin mining toward an integrated compute-and-energy platform aimed at AI and high-performance computing workloads.

The transaction materials disclose forward-looking statements subject to risks such as market conditions, regulatory approvals, execution of integration, and potential changes to project scope or timing.

Industry debate centers on how miners’ pivot toward AI/HPC could affect Bitcoin network security and power resource competition.

MARA has launched the MARA Foundation to advance network security, quantum-threat research, and expanded self-custody education.

Since March, MARA has broadened its digital asset strategy to include potential bitcoin sales and leverage beyond a pure mining focus.

Closing is targeted for the second half of 2026, pending Hart-Scott-Rodino clearance, FERC approvals, and customary closing conditions.

Market reaction saw FIP up roughly 12% and MARA up about 3% on the news.

CEO Fred Thiel described Long Ridge as a highly efficient, contracted energy platform with large-scale power, fuel supply, and grid interconnection, attracting inbound interest from AI and IT tenants.

MARA has received inbound interest from investment-grade tenants for long-term AI and HPC leases, while continuing Bitcoin mining and wholesale power sales via PJM.