MARA moved 1,650 bitcoin worth $132.8 million as its $1.5 billion gas plant deal finds no AI tenant
The bitcoin miner moved 1,650 coins to institutional venues the same day FERC cleared its $1.5 billion gas plant deal, and the stock sank 14% anyway. Its AI pivot runs on bitcoin-backed debt, and the promised AI lease still has no tenant.
Vincent Jiang · 3 min read
On November 5, MARA Holdings+1.53% — MARA Holdings, up 1.53 percent today moved 1,650 bitcoin, worth about $132.8 million, to Galaxy Digital, Copper and other institutional crypto platforms, custody and trading firms where large holders park, lend or sell coins, and it disclosed no intention to keep them 1. The same morning, the Federal Energy Regulatory Commission approved MARA's roughly $1.5 billion purchase of the Long Ridge gas plant in Ohio, and the stock still sank about 14% 34. The regulator cleared the deal and shareholders sold it anyway, because the approval solves the wrong problem.
The treasury story and the tape disagree
MARA built its equity story on holding the bitcoin it mines. The record shows a reserve being drawn down. In the first half of 2026 the company sold 23,093 coins for roughly $1.6 billion at an average of $70,631 1. Holdings fell from 53,822 bitcoin at the end of 2025 to 35,577 on June 30, and the share of what remains pledged as loan collateral jumped from 28% to 54% in a single quarter 12.
The October and November transfers, more than 2,600 coins to Galaxy, Copper, BitGo0.00% — BitGo, unchanged today and exchanges in about four weeks, are not confirmed sales 1. But those venues are where coins go to be lent, pledged or sold, and the company did not say otherwise. The burden of proof now sits with the next holdings disclosure.
MARA's bitcoin reserve fell about a third in six months, with 23,093 coins sold in the first half
Data
| Bitcoin (coins) | |
|---|---|
| Held, Dec 2025 | 53,822 |
| Held, Jun 2026 | 35,577 |
| Sold, H1 2026 | 23,093 |
What the pivot costs, and what pays for it
Long Ridge carries an enterprise value of about $1.512 billion, roughly 10.5 times its $144 million of annualized adjusted EBITDA, and brings about $900 million of plant debt onto MARA's books, with an outside closing date of November 30 3. Its $610 million cash portion runs on roughly $600 million of bitcoin-backed loans drawn in August 3.
Before the deal, MARA already carried about $2.47 billion of debt against roughly $450 million of cash and short-term investments at June 30, per its SEC filings, and noteholders can demand $924.1 million back in 2027 45. Meanwhile the core business earns little: mining brought in $30.1 million after energy, maintenance and hosting costs last quarter 4. The AI pivot meant to fix that has no customer. Management's second-quarter letter promised at least one AI data center lease by year-end; the third-quarter report on November 9 shows whether a named counterparty has signed 24.
Debt runs about five times cash going into the Long Ridge close
- Total debt ($B)
- Cash and short-term investments ($B)
Data
| Total debt ($B) | Cash and short-term investments ($B) | |
|---|---|---|
| Q3 '24 | 0.64 | 0.2 |
| Q4 '24 | 2.47 | 0.42 |
| Q1 '25 | 2.64 | 0.23 |
| Q2 '25 | 2.65 | 0.14 |
| Q3 '25 | 3.64 | 0.86 |
| Q4 '25 | 3.65 | 0.58 |
| Q1 '26 | 2.46 | 0.54 |
| Q2 '26 | 2.47 | 0.45 |
Who loses if this stalls
Equity holders lose twice. They bought, in effect, a leveraged bitcoin proxy: the stock trades with the coin, and the coin stack it represents keeps shrinking while half of it stands pledged as collateral 12. At the same time, their company takes on new debt to fund a power business that pays off only once tenants sign. If no lease arrives, the discount deepens on both counts, and the pledged coins leave less room to absorb a weaker bitcoin price 2.
What settles it
Three dated events answer the questions. The earnings call on November 9 shows contracted progress and updated coin holdings 2. The Long Ridge close is due by November 30 3. The year-end disclosure settles the AI lease promise. If the coin count falls again with no tenant named, the treasury that anchored the stock is being spent to buy a business that has not yet earned a customer; if a lease appears, the same coins will look like fuel well spent.
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