MARA agrees to buy a $1.5B Ohio gas plant. Bitcoin mining is the side hustle now.
MARA is spending $1.5 billion to own the power source, not just plug into it. If the AI buildout stalls, it is also holding $785 million in debt.
CryptoVibe Desk · mara · bitcoin-mining · ai-infrastructure
- →MARA Holdings announced April 30 a definitive agreement to acquire Long Ridge Energy & Power from FTAI Infrastructure for approximately $1.5 billion, including at least $785 million in assumed debt.
- →The deal gives MARA a 505 MW gas plant and more than 1,600 acres in Hannibal, Ohio, lifting its owned and operated capacity by roughly 65% to approximately 2.2 GW across its portfolio.
- →Watch whether MARA announces a signed AI or hyperscaler tenant for the Ohio site before the deal closes in 2026; no anchor tenant by closing would confirm the data center thesis is a land bet, not a contract.
- PJM → The grid operator that manages electricity transmission across 13 mid-Atlantic and Midwest states, including Ohio, where Long Ridge Energy currently sells power.
- Adjusted EBITDA → A measure of operating earnings that strips out financing costs, taxes, and depreciation, used here as a rough estimate of how much cash the Ohio plant generates annually before it pays off its debt.
MARA Holdings announced April 30 a definitive agreement to acquire Long Ridge Energy & Power from FTAI Infrastructure. Per MARA's press release, the deal is valued at approximately $1.5 billion, including the assumption of at least $785 million in debt. FTAI's concurrent release put the figure at approximately $1.52 billion before closing adjustments.
The asset is a gas-fired power plant in Hannibal, Ohio with 505 MW nameplate capacity and more than 1,600 contiguous acres. MARA says it is currently authorized to sell 485 MW into the PJM grid, with an increase to full capacity expected in H2 2026. Per the filing, the site has potential for more than 1 GW total once fully developed.
MARA reports the acquisition would lift its owned and operated capacity by approximately 65%, bringing total operating and development capacity to roughly 2.2 GW. MARA also reports approximately $144 million in annualized adjusted EBITDA from the asset.
The strategic frame is AI and critical IT infrastructure. Per MARA's press release, construction is targeted for 1H 2027 and initial capacity for mid-2028. MARA says it does not plan to reduce Long Ridge's existing power supply to the grid.
FTAI says it expects to eliminate $1.16 billion of Long Ridge debt and use net proceeds to retire roughly $300 million at the parent level. Closing is expected later in 2026, subject to regulatory approvals.
MARA signing a $1.5 billion deal without disclosing an anchor AI tenant is the tell: the Ohio data center is a land option, not a contracted buildout, and the company owes shareholders that answer before the deal closes.
Whether MARA discloses a signed hyperscaler or AI tenant commitment for the Ohio site before the deal closes in 2026; no anchor tenant by closing would confirm the AI data center pivot is speculative infrastructure, not a contracted pipeline.
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