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MARA Holdings stock jumped 17% after the bitcoin mining company announced a strategic partnership with Starwood Capital Group to develop large-scale data centers across its existing U.S. sites. The move signals a significant expansion beyond traditional bitcoin mining, positioning MARA to capitalize on the fast-growing demand for artificial intelligence (AI) and enterprise cloud infrastructure.
Under the agreement, select MARA facilities—many originally built for cryptocurrency mining—will be converted into advanced data centers serving AI and high-performance computing (HPC) customers. Starwood Capital, which manages more than $125 billion in assets, will oversee design, construction, and tenant acquisition through its data center platform, Starwood Digital Ventures. The joint venture aims to deliver approximately 1 gigawatt of computing capacity in the near term, with plans to scale beyond 2.5 gigawatts over time. Both companies will co-finance and operate the projects.
The partnership reflects a broader industry trend of bitcoin miners pivoting toward AI data center development. Following Bitcoin’s recent halving event, mining rewards were cut in half, tightening profit margins amid rising energy costs, fluctuating bitcoin prices, and increasing competition. As a result, many crypto miners are diversifying into AI infrastructure and cloud hosting to stabilize revenues. Bitfarms, for example, recently rebranded as Keel Infrastructure to focus on HPC and AI workloads.
Despite the shift, MARA is not abandoning bitcoin mining. CEO Fred Thiel reaffirmed in a shareholder letter that Bitcoin remains central to the company’s long-term strategy, expressing continued confidence in the asset class despite short-term price volatility.
MARA also reported fourth-quarter earnings, with revenue declining 6% to $202.3 million, compared to $214.4 million in the same period last year, citing a 14% drop in the average bitcoin price mined during the quarter.
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