- MARA Holdings and Starwood Property Trust will partner to convert MARA mining sites into data centers for AI.
- Shares of MARA jumped as much as 16% in after-hours trading following the strategic announcement.
- Analysts caution the stock will remain a pure Bitcoin play until firm data center leases with tenants are secured.
MARA Holdings, a major U.S. Bitcoin miner, announced a partnership with Starwood Property Trust on Thursday to develop AI-focused data center campuses at select mining sites. This strategic move, aimed at transforming power infrastructure for high-performance computing, immediately boosted the company’s stock in after-hours trading.
Specifically, shares climbed nearly 14% to $9.62 after the close, according to data from Google Finance. The stock had reached as high as $9.9 earlier in the extended session, a roughly 16% gain from the regular close.
Consequently, the partnership targets MARA sites known for low-cost power and robust grid access. The collaboration is structured to allow the flexible allocation of compute resources between Bitcoin mining and AI workloads based on market demand.
“The move is strategically meaningful because it moves MARA from a ‘hashrate and Bitcoin Price beta’ toward ‘power-to-compute monetization,'” said Ram Kumar of OpenLedger. However, he noted that until signed leases exist, MARA will primarily trade as a Bitcoin proxy.
Analysts emphasized the deal’s long-term potential but highlighted its current preliminary stage. For instance, researcher Siwon Huh of Four Pillars pointed out the lack of immediate, confirmed AI revenue compared to peers with signed contracts.
Meanwhile, the agreement permits MARA to hold between 10% and 50% equity in each joint-venture project. Starwood will manage development, tenant sourcing, and financing for the new data center campuses.
Consequently, Huh stated that a binding lease with a major tenant would be a decisive catalyst. He also noted that clear plans for GPU procurement and power allocation between mining and AI are needed for detailed investor modeling.
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