Cryptocurrency miner MARA Holdings (Nasdaq ticker: $MARA) has sold $1.5 billion worth of Bitcoin (cryptocurrency: $BTC) as it expands into AI data centers.
The company stated in its first-quarter earnings report that the sale of Bitcoin was intended to improve liquidity and repay debt related to its transition into operating AI data centers.
Therefore, according to market data, MARA Holdings dropped two places to become the fourth-largest publicly traded Bitcoin holder.
MARA's management stated that they do not expect to purchase dedicated Bitcoin mining equipment in the future, signaling the company's gradual exit from the cryptocurrency mining sector.
As digital asset prices remain subdued, several cryptocurrency miners, including MARA Holdings, are shifting their business focus toward artificial intelligence and high-performance computing (HPC).
However, MARA stated that it aims to deploy new infrastructure alongside its cryptocurrency mining operations, allowing the company to retain the option to redirect power to AI workloads while generating Bitcoin revenue.
The company stated that approximately 90% of MARA’s un托管 mining capacity is available for AI infrastructure.
MARA Holdings reported that its first-quarter revenue decreased by 18% year-over-year to $174.6 million.
The company's first-quarter net loss widened to $1.3 billion, primarily due to unrealized losses on its holdings of 38,689 bitcoins during the quarter.
MARA stock has declined 16% over the past 12 months and is currently trading at $13.39 per share.