MARA strikes $1.5B deal for Long Ridge Energy's 505 MW gas plant
What's the deal? MARA, the Nasdaq-listed digital infrastructure company, has agreed to acquire Long Ridge Energy & Power for roughly $1.5 billion, including the assumption of at least $785 million in debt. The deal gives MARA a 505 MW combined-cycle gas turbine plant in Hannibal, Ohio, plus a campus spanning over 1,600 acres with more than 1 GW of potential capacity. Long Ridge adds approximately $144 million in annualised adjusted EBITDA and increases MARA's owned and operated capacity by about 65%. Closing is expected in the second half of 2026.
Why now? Demand for large-scale energy infrastructure is surging as data centres, AI workloads, and bitcoin mining compete for reliable, low-cost power. MARA has been pivoting toward what it calls "optimised digital infrastructure," and locking in a gas plant with all-in operating costs below $15/MWh gives it a significant edge. Securing a site with room to grow beyond 1 GW positions the company ahead of tightening power markets.
What could go wrong? The deal requires both HSR antitrust and Federal Energy Regulatory Commission (FERC) approvals, creating execution risk and an uncertain timeline. Taking on at least $785 million in debt on US$3.02B market cap is a meaningful leverage increase. If energy prices fall or utilisation rates disappoint, the $144 million EBITDA projection — based on second-half 2025 performance — could prove optimistic.
The signal: Crypto-native companies are increasingly behaving like energy firms, acquiring generation assets rather than simply buying power on the open market. The deal reflects a broader convergence of bitcoin mining, AI compute, and energy infrastructure — sectors that now compete for the same scarce resource: cheap, reliable electricity. Wall Street noticed: MARA's stock jumped nearly 12% on the news, adding roughly $494 million in market value in a single session.
Read more: stocktitan.net
