MARA Holdings is still mining bitcoin, but its latest quarterly update makes clear the company is steadily shifting beyond its roots as a pure-play miner.

In its first-quarter earnings, MARA signaled that expanding mining capacity is no longer the primary focus. The company said it does not expect to make major investments in new ASIC machines—traditionally the clearest indicator of a miner’s growth ambitions.

Instead, MARA is leaning into a broader strategy centered on energy, data centers, and AI infrastructure. By building new compute capacity alongside its existing mining operations, the firm aims to keep generating bitcoin while maintaining the flexibility to redirect power toward AI and high-performance computing as demand evolves. It added that up to 90% of its non-hosted mining capacity could ultimately be used for AI and IT workloads.

The financial results reflect both this transition and ongoing market pressures. Revenue fell 18% from a year earlier to $174.6 million, while net losses widened to $1.3 billion. Much of that loss stemmed from unrealized declines on its bitcoin holdings, which totaled 38,689 BTC, as prices dropped roughly 17% over the past year.

To bolster liquidity and reduce debt, MARA sold $1.5 billion worth of bitcoin during the quarter, including a $1.1 billion sale late in the period to fund a convertible note buyback. Following these sales, the company slipped to become the fourth-largest publicly traded holder of bitcoin, according to Bitcoin Treasuries data cited in its filings.

The move underscores a notable shift in strategy. Rather than simply accumulating bitcoin, MARA is increasingly using its holdings as a balance-sheet tool—deploying them when needed to manage capital and liabilities.

That pivot is also reflected in its recent deals. The company has partnered with Starwood Capital and agreed to acquire Long Ridge Energy & Power, a gas-fired power plant and data center site in Ohio, in a $1.5 billion transaction. MARA said the facility could eventually support more than 600 megawatts of AI computing capacity.

Despite the strategic shift, mining output continued to grow. Energized hashrate rose 33% year-over-year to 72.2 exahash per second, and bitcoin production increased to 2,247 BTC from 2,011 in the previous quarter.

While bitcoin mining remains part of the business, MARA’s trajectory increasingly points toward becoming a diversified infrastructure and energy provider aligned with the rising demand for AI computing.