MARA Holdings Inc Strategic Partnership Highlighted with Potential Economics of First 200 MW Site; BTC Revenue Falls ~18% y/y in 1Q26

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MARA Holdings Inc Strategic Partnership Highlighted with Potential Economics of First 200 MW Site; BTC Revenue Falls ~18% y/y in 1Q26

J P M O R G A N North America Equity Research

14 May 2026

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MARA Holdings Inc

Strategic Partnership Highlighted with Potential Overweight

Economics of First 200 MW Site; BTC Revenue Falls MARA, MARA US

~18% y/y in 1Q26 Price (13 May 26):$12.75

Price Target (Dec-26):$13.00

MARA provided more details regarding its strategic partnership with Starwood Communications Infrastructure

ACDigital Ventures (SDV) and reported 1Q26 BTC holdings of 35.3k (including Richard Choe

10.0k loaned or pledged as collateral). Under the partnership, MARA will be (1-212) 622-6708

responsible for contributing sites to the JV while SDV will handle the design, richard.choe@jpmorgan.com

development, tenant sourcing, and operations of the data center. This structure Braden Nguyen

allows MARA to realize value on its existing sites and participate in the AI (1-212) 622-1861

ecosystem while limiting capex requirements and reducing development risk by braden.nguyen@jpmorgan.com

J.P. Morgan Securities LLC

bringing on an experienced partner. Subsequent to quarter end, MARA announced

the acquisition of Long Ridge Energy from FTAI Infrastructure for a total

transaction value of $1.5b. Long Ridge represents 1,600 acres of contiguous land Key Changes (FYE Dec)

in Hannibal, Ohio to support a data center campus. Importantly, MARA has an Prev Cur Δ