Executive Summary
MARA Holdings, a publicly-traded Bitcoin mining company, is acquiring Long Ridge Energy Terminal from FTAI Infrastructure for approximately $1.52 billion, including $785 million in cash and assumed debt. The transaction gives MARA control of a 485 MW natural gas-fired combined cycle power plant in Hannibal, Ohio—a strategic move positioning the company to serve AI data center loads rather than traditional cryptocurrency mining.
The Players
FTAI Infrastructure, a spinoff from Fortress Transportation and Infrastructure, has owned Long Ridge since developing it as a coal-to-gas conversion project. The facility achieved commercial operation in recent years and represents one of the newer gas-fired assets in the PJM footprint.
MARA Holdings (NASDAQ: MARA) has been one of the largest publicly-traded Bitcoin miners, but this acquisition signals a strategic pivot toward becoming a power infrastructure owner serving AI workloads. The company explicitly stated that Long Ridge provides “all the key components for us, for the ideal data center,” indicating plans to monetize the generation capacity through data center offtake rather than self-consumption for mining.
The Numbers
At $1.52B for 485 MW, MARA is paying approximately $3,150 per kW. In today’s market, where behind-the-meter generation with existing interconnection commands premium valuations, this pricing is competitive—particularly given the speed-to-market advantage of acquiring operating assets versus greenfield development.
The $785M cash component suggests MARA is assuming roughly $735M in existing project debt, a typical structure for power plant acquisitions that allows the buyer to maintain leverage while preserving balance sheet capacity.
So What?
This deal validates three critical trends:
First, Bitcoin miners are becoming credible buyers of dispatchable generation assets. They have experience managing high-density electrical loads, understand capacity markets, and increasingly have the balance sheets to compete for assets against traditional IPPs and utilities.
Second, the premium for speed-to-power is real. MARA is paying for an operating asset with interconnection, permits, and fuel supply already in place—eliminating 3-5 years of development risk. For hyperscalers desperate for near-term capacity, behind-the-meter gas generation is becoming the fastest path to incremental load.
Third, this sets a valuation benchmark for gas-fired assets in AI-adjacent markets. At $3,150/kW for a combined cycle plant in PJM, developers and investors can calibrate expectations for similar transactions.
What Should You Do With This?
If you’re a power developer: understand that Bitcoin miners are now competing for the same assets you’re targeting. They move fast, pay cash, and don’t need traditional utility offtake to close. Adjust your underwriting and deal timelines accordingly.
If you’re an investor: watch how MARA structures power offtake from Long Ridge. If they can secure long-term PPAs with hyperscalers or colocation providers at rates above merchant power prices, it proves the arbitrage opportunity in owning generation dedicated to AI loads.
If you’re a hyperscaler or data center operator: this is a preview of your competition for behind-the-meter power. Crypto miners are pivoting to serve your load, and they’re willing to pay up for assets. The window to secure dedicated generation at reasonable prices is closing.
Source: MSN, FTAI Infrastructure investor materials
