 ▲ Bitcoin Mining / Source: ChatGPT-generated image |
MARA Holdings (MARA) is drawing intense market attention as its stock surged 15% after the company announced a major expansion beyond Bitcoin (BTC) mining into artificial intelligence (AI) data centers.
According to crypto media outlet CoinGape on Feb. 27 (local time), MARA Holdings, a global Bitcoin mining company, will enter a joint venture with Starwood Capital Group to develop AI data centers. The collaboration focuses on building hyperscale data centers at existing Bitcoin mining sites across the United States. Immediately following the announcement, MARA shares jumped more than 15% in after-hours trading on the Nasdaq. As technology companies compete aggressively to secure power for expanding AI infrastructure, the value of mining firms with large-scale power resources is being reassessed.
MARA Holdings selected AI infrastructure as a new growth engine to offset the volatility of profitability in the Bitcoin mining market. In partnership with Starwood Property Trust, the company plans to convert existing mining power infrastructure into high-performance data centers required for AI computing or construct new facilities. The market believes that the company’s accumulated expertise in power management and large-scale infrastructure operations from Bitcoin mining will serve as a strong competitive advantage in the AI industry.
The expansion news strongly boosted investor sentiment despite weak earnings results. In its latest earnings report, MARA Holdings posted a fourth-quarter loss of $0.46 per share, an improvement from a $1.24 loss per share a year earlier. However, revenue fell 6% year-over-year to $203 million. A $1.5 billion fair value loss on digital assets due to declining Bitcoin prices pressured overall performance, yet the company’s declared pivot toward AI transformation sparked the surge in its stock price.
Despite pursuing business diversification, MARA Holdings plans to firmly maintain its identity as a Bitcoin mining company. In a letter to shareholders, CEO Fred Thiel emphasized that Bitcoin remains a core strategic pillar for the company. Thiel stated, “While it is difficult to predict when Bitcoin prices will recover, our long-term conviction in the asset class remains unchanged.” The company mined 2,011 BTC in the fourth quarter and holds the second-largest Bitcoin reserves among publicly traded companies, following Strategy.
MARA Holdings’ latest move represents a strategic shift away from a business model solely dependent on Bitcoin price movements, aligning instead with the broader industrial trend of AI. As the vast power capacity and infrastructure owned by mining firms emerge as critical resources in the AI era, efforts to evolve beyond simple mining into technology infrastructure enterprises are expected to accelerate. The market views the point at which MARA’s secured power infrastructure translates into tangible AI operational performance as a key inflection point for further stock gains.
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