MARA Stock Jumps as Bitcoin Miner’s AI Pivot Gains Traction

MARA Holdings, a company once primarily associated with bitcoin mining, has seen its shares surge to $13.99, up 3.25%, as investors take notice of its pivot towards power-backed AI and high-performance computing infrastructure.

The move comes amidst a broader rise in Wall Street indexes ahead of the Memorial Day weekend, with Reuters reporting gains for the Dow, S&P 500, and Nasdaq.

MARA's shift from pure bitcoin mining to a more diversified business model has been ongoing, with the company attempting to persuade investors that it should be valued as a power and data-center business in addition to its existing activities.

The company's latest efforts include its acquisition of Long Ridge Energy & Power for approximately $1.5 billion, including debt, which would provide a gas-fired power plant in Ohio and over 1,600 acres for a planned data-center campus.