Bitcoin miner MARA seeks bondholder approval to modify $600M debt terms for Long Ridge power plant acquisition.

Bitcoin miner MARA Holdings has launched a consent solicitation to amend the terms of $600 million in senior secured notes of Long Ridge Energy. This step is necessary to avoid triggering a costly mandatory repurchase clause as part of MARA's planned $1.5 billion acquisition of Long Ridge's Ohio-based power plant. The acquisition aims to expand MARA's power capacity by 65% and support its strategic pivot into AI-related power infrastructure. The consent solicitation expires on May 15, 2026, with the broader deal expected to close in Q3 2026 pending regulatory approvals.