MARA shifts from Bitcoin mining to AI infrastructure, leveraging power capacity and new partnerships.

MARA Holdings is transitioning from Bitcoin mining to focus on AI infrastructure by utilizing its large, low-cost power capacity as a competitive advantage. The company has made strategic acquisitions, including Exaion for AI expertise and Starwood for data center development, to attract major technology clients. MARA expanded its capacity to 4.8GW and funded this pivot by selling $1.5 billion in Bitcoin and restructuring its debt to reduce dilution risks. Despite execution and liquidity challenges, MARA is considered undervalued compared to peers and rated a BUY for investors willing to accept higher risk for potential high rewards.