MARA Stock Rises as Focus Shifts to Long Ridge Power Project

MARA Holdings, Inc., a bitcoin miner and AI infrastructure investor, saw its stock jump more than 6% on June 25 to $14.79. The gain added about $347 million to the company's equity value.

The increase in MARA's share price was largely due to the company's focus shifting from bitcoin to Long Ridge, a power plant and data center project it plans to acquire. On March 31, MARA held 35,303 bitcoins worth approximately $2.4 billion or $68,222 per coin.

The company expects the Long Ridge acquisition to boost its total owned and operated power by about 65% and bring in around $144 million in annualized adjusted EBITDA.