MARA Holdings, one of the largest publicly traded Bitcoin mining companies in the United States, has announced an exciting new partnership with Starwood Property Trust to develop AI-focused data centers. This collaboration is set to convert a selection of MARA’s U.S. Bitcoin mining sites—excluding properties already involved in third-party joint ventures—into hyperscale data center campuses. The decision has had an immediate positive impact on MARA’s stock, with shares rising as much as 16% in after-hours trading before settling slightly higher.
Under the terms of this partnership, the focus will shift toward converting sites that boast low-cost power and robust access to electricity grids. Fred Thiel, MARA’s chairman and CEO, emphasized that this initiative aims to transform “power certainty into capacity certainty.” The proposed alignment of energy-intensive infrastructure with Starwood’s expertise in development and operations will enable these data centers to support both Bitcoin mining and enterprise AI workloads, adapting according to market demands.
On Thursday, MARA’s shares were down 1.4% during regular U.S. trading, closing at $8.45. However, following the partnership announcement, there was a notable recovery, bringing the after-hours trading price to $9.62, reflecting a gain of approximately 13.9%. The shares even peaked at about $9.90 in extended trading. Market analysts have pointed out that, although the partnership aims for significant shifts in operational strategy, MARA is likely to continue functioning primarily as a Bitcoin proxy until formal leases with enterprises are signed.
The strategic importance of this partnership has been highlighted by industry experts. Ram Kumar, a core contributor at AI and blockchain infrastructure firm OpenLedger, noted that this move represents a shift from being tied closely to Bitcoin’s prices towards a model focused on monetizing energy-to-compute transformations. However, Kumar cautioned that without signed contracts from enterprise clients, MARA’s stock will likely continue to be influenced mainly by Bitcoin market trends, as mining remains the most visible determinant of short-term cash flows.
Industry researcher Siwon Huh remarked that while the partnership could potentially enhance MARA’s long-term earnings profile, it heavily depends on the future trajectory of AI investment. Huh pointed out that unlike some competitors, MARA is still in the developmental phase and has yet to secure confirmed AI tenants or contracts. The company has the option to hold anywhere between 10% and 50% equity in each joint venture, with Starwood overseeing development and tenant acquisition efforts.
Investors are keenly awaiting concrete plans regarding GPU procurement and power allocation strategies, as these will be crucial for understanding revenue potential from AI workloads. Insight into how MARA plans to distribute power between Bitcoin mining and AI computing will be critical for market analysts to accurately predict demand across both sectors. Overall, while the partnership is promising, its success hinges on developing solid agreements and a strategic approach to integrating AI alongside its existing Bitcoin operations.
