Shares of MARA Holdings soared 17% after the company announced a partnership with Starwood Capital Group to develop high-capacity data centers at several of its existing U.S. sites.
The collaboration will convert portions of MARA’s bitcoin mining facilities into infrastructure designed for enterprise cloud services and artificial intelligence applications. Starwood, which manages more than $125 billion in assets, will oversee planning, construction and tenant acquisition through its data center platform, Starwood Digital Ventures. The partners aim to deliver about 1 gigawatt of computing power initially, with long-term expansion plans targeting more than 2.5 gigawatts. Both firms will jointly finance and operate the projects.
The agreement marks a strategic expansion for MARA beyond its core mining operations. While the company built its brand in bitcoin mining, it controls energy-rich sites with substantial power access — a key advantage as demand surges for electricity to support AI data centers.
The move reflects a broader trend across the mining sector following Bitcoin’s latest halving, which cut block rewards in half. With mining profitability pressured by higher energy costs, fluctuating bitcoin prices and intensifying competition, many operators have sought to diversify into AI and high-performance computing infrastructure.
Earlier this month, Bitfarms said it would rebrand as Keel Infrastructure as part of its shift from bitcoin mining toward AI-focused data center development.
Despite the expansion into AI, MARA is maintaining its commitment to bitcoin. CEO Fred Thiel emphasized in a shareholder letter that the cryptocurrency remains central to the company’s strategy.
“Bitcoin remains a core pillar of MARA’s strategy,” Thiel wrote, adding that although the timing of a recovery in bitcoin prices is uncertain, the company’s long-term conviction remains intact.
MARA also reported fourth-quarter revenue of $202.3 million, a 6% decline from $214.4 million a year earlier, attributing the drop to a 14% decrease in the average price of bitcoin mined during the quarter.
