This recap consolidates key updates shared by Robert Samuels, VP of Investor Relations at MARA, during his 5-day MARA Insights thread series on X. You can read the original threads on his personal X account here.

For the digital infrastructure sector, 2025 was a year of rapid maturation. For MARA, it was a year of structural progress that sharpened our strategic focus. Over the past week, Rob looked back at the operational and financial shifts that moved the company from a pure-play Bitcoin miner toward a broader identity as a global digital infrastructure operator. His recap, shared over five threads, detailed how three distinct pillars — energy, compute, and capital — are being leveraged to continue this evolution. Here is his breakdown of the strategy executed in 2025 and the road ahead.

Energy: The Foundation of Optionality

Energy is the foundation of everything we build. In 2025, we expanded and secured long-term, low-cost power. By the end of the year, we increased our controlled capacity to 1.8 GW. Through a planned strategic initiative with MPLX, we identified a potential pathway to scale that capacity to approximately 3.3 GW.

To achieve this, we executed a strategy centered on infrastructure developments that capture value from underutilized resources. This was demonstrated by our acquisition of a 114 megawatt wind farm, a move designed to convert wind generation often lost to curtailment into productive compute. Additionally, we fully energized the NGON flare-gas sites, proving the operational model of converting stranded gas into an economic output. By owning these energy relationships and assets, MARA is securing the foundation of everything that follows.

Compute: Maximizing Every Megawatt

If electrons are the fuel, compute is the engine that converts them into value. While Bitcoin mining remains our core competency, 2025 demonstrated that MARA’s infrastructure can support a wider range of workloads.
We defined our progress in 2025 by strengthening our mining fleet and improving fleet-wide efficiency (J/TH) through hardware upgrades and continuous optimization. Our hashrate grew 64% year over year (3Q24 vs 3Q25). Ownership is central to this strategy; approximately 70% of MARA’s compute now runs on sites we own and operate, giving us tighter control over deployment, uptime, cost, and the flexibility to direct each megawatt to its highest-value use.

AI is the natural next step for MARA, as it aligns with our strengths in energy, infrastructure, and operations. Our experience with mining has laid the foundation required for inference at scale, and the deployment of our first 10 inference racks in 2025 affirmed our ability to build and operate compute beyond ASICs. This momentum is supported by our investment agreement to acquire a majority stake in Exaion, which expands MARA into secure cloud inference and edge compute with proven data center expertise and strong customer relationships.
Each of these steps supports a single objective: to maximize the value of every megawatt by deploying the most productive compute possible, whether that is solving blocks or processing inference tokens.

Capital: A Maturing Balance Sheet

MARA’s mission is not only to optimize energy and compute but also to manage capital with the same rigor. Years of expansion have built one of the world’s largest corporate bitcoin treasuries (52,850 BTC as of 3Q25) giving us the scale and stability to operate with greater precision. This foundation allows for a balanced approach to funding growth where we manage three core levers: debt, equity, and bitcoin. While we have historically used debt and equity to prioritize agility and global scaling, our capital strategy is evolving to match the maturity of both the asset class and our business.
This evolution centers on treating bitcoin as a productive asset. We now have the option to monetize a portion of our monthly bitcoin production in a measured way, generating consistent operating cash flows that support the business and help mitigate shareholder dilution. Furthermore, MARA is the first public miner to activate its holdings through institutional-grade lending, trading, and collateralized financing programs. These activities generate incremental income and strengthen liquidity while maintaining our conviction and long-term exposure to bitcoin’s appreciation.

Within this framework, equity remains an important but more precise lever. We aim to limit the use of the ATM to long-term strategic initiatives, while production and activated holdings increasingly support operations as we scale. These actions demonstrate a company entering its next phase of maturity, where operational scale and financial discipline reinforce each other.

Synchronizing It All

Looking ahead, MARA’s goal is to synchronize energy, compute, and capital into a single operational engine. We are evolving into a vertically integrated energy and compute platform where Bitcoin mining and AI are no longer viewed as separate silos, but as complementary tools. This integration allows us to monetize our energy assets with precision and flexibility, creating a versatile engine that can dynamically shift resources to whichever workload generates the most value — whether that is solving a block, serving an inference token, or powering HPC.
In 2026, we plan to deepen our ownership of low-cost power assets, proving that we can monetize underutilized power by bringing compute directly to the source. This strategy is central to our goal of generating 50% of revenue internationally, a move that reduces geographic risk and taps into stranded energy markets overseas. Upon closing, our pending investment with Exaion further strengthens this position, providing a foothold in European energy markets as regional power producers look for new ways to pair energy with compute.
While we expand into new horizons, Bitcoin mining remains the technology that grounds our enterprise and makes our energy strategy viable. Our conviction in Bitcoin as both a reserve asset and a productive tool remains unchanged. MARA enters 2026 with 1.8 GW of controlled capacity, more than 50,000 bitcoin held, and a path toward integrating energy, bitcoin, and compute into one platform. We are building the infrastructure that powers the future, and we are only getting started.

‍
Want to learn more about MARA’s AI strategy? Read our blog, Powering the Inference Era of AI.

‍

‍

Forward-Looking Statements

This blog contains forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical fact, included in this blog are forward-looking statements. The words "may," "will," "could," "anticipate," "expect," "intend," "believe," "continue," "target" and similar expressions or variations or negatives of these words are intended to identity forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements are based on management's current expectations about future events as of the date hereof and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements.
Subsequent events and developments, including actual results or changes in our assumptions, may cause our views to change. We do not undertake to update our forward-looking statements except to the extent required by applicable law. Readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements included herein are expressly qualified in their entirety by these cautionary statements. Our actual results and outcomes could differ materially from those included in these forward-looking statements as a result of various factors, including, but not limited to, the factors set forth under the heading "Risk Factors" in our most recent annual report on Form 10-K, and any other periodic reports that we may file with the SEC.