MARA to Acquire Natural Gas Power Plant Operator Long Ridge for $1.5 Billion

BlockBeats News, April 30th, according to Reuters, MARA Holdings (MARA.O) announced that it will acquire Long Ridge Energy & Power from FTAI Infrastructure for $1.5 billion (including debt). This move is a significant step for the Bitcoin mining company as it transitions into a digital infrastructure and energy firm.

In recent years, as one of the largest Bitcoin mining and holding companies, the company has been shifting its focus to digital infrastructure and energy production to power its operations, driven by the increasing demand for AI and technological advancements. While this new strategy does not entirely replace its cryptocurrency business, MARA is increasingly inclined to directly own energy assets to ensure an ample power supply for data center development.

The company stated that Long Ridge owns a 505-megawatt combined-cycle natural gas power plant and over 1600 acres of contiguous land. MARA Holdings plans to build data centers powered by this power plant on the site.