Bitcoin Miner MARA Stock Plunges 5% After Selling $1.5 Billion In BTC

The MARA stock plunged 5% in the intraday trading session on Tuesday, May 12. The drop came after Bitcoin miner MARA Holdings reported a weaker-than-expected earnings result and also revealed selling BTC.

Bitcoin Miner MARA Resorts To BTC Sale

In the first quarter of 2026, MARA Holdings liquidated 20,880 BTC worth nearly $1.5 billion. It then shifted focus from large-scale crypto mining to artificial intelligence and high-performance computing solutions.

The company announced the sales in conjunction with a marked decline in earnings in the quarter. MARA’s net loss of $1.26 billion was more than double the $533 million loss in the same quarter last year, according to its report. Revenue also fell 18% year-ago to $175 million, which was negatively impacted by drop in Bitcoin price.

Much of the Bitcoin sales were related to balance sheet restructuring. For context, MARA sold 15,133 BTC between March 4 and March 25 for about $1.1 billion, which it used to buy back its convertible notes.

The company utilized $1 billion of the proceeds to pay down the $3.3 billion in convertible debt by roughly 30%, to $2.3 billion. The debt extinguishment-related transaction resulted in a $71 million gain.

Meanwhile, MARA is looking towards major infrastructure expansion programme as it acquired Long Ridge Energy from FTAI Infrastructure. The transaction, which is close to $1.5 billion, including nearly $785 million in debt, is MARA’s largest acquisition ever.

For those who don’t know, Long Ridge has a 505-megawatt, combined-cycle gas power plant in Ohio and over 1,600 contiguous acres. Moreover, Bitcoin miner MARA is projecting $144 million in annualized EBITDA from the asset.

Part of the operational makeover includes cuts in manpower and mining development. Mirroring Coinbase layoffs, MARA is also cutting 15% of its workforce, a step that will save the firm $12 million per annum. Further, the company will also stop its aggressive mining hardware buying.

Future Plans & Stock MARA Update

“Going forward, we do not expect to pursue large-scale ASIC purchases. Our approach will remain selective, targeted, and grounded in clear economic return,” the company stated in its shareholder letter.

MARA added that 90% of its non-hosted mining capacity can be converted into AI and IT infrastructure deployments. “Our strategy centers on co-locating new infrastructure with existing Bitcoin mining operations, allowing us to monetize power assets immediately while leveraging the operational discipline and infrastructure expertise that mining provides,” the firm wrote.

In spite of the drop in its Bitcoin reserve, MARA still has 35,303 BTC that translates to around $2.84 billion. Moreover, it is the fourth largest corporate Bitcoin holder while Strategy holds the first spot with continuous Bitcoin buying.

Whilst, the MARA stock has fallen 5% Tuesday to around $12.65. It also dropped 1.86% in the after hours. During the trading session today, it also recorded a decline to an intraday low of $11.74 following the earnings release. Nonetheless, it’s worth noting that the stock is up 32% over the last month.