MARA Holdings' stock declined by 5% following the announcement of a $1.26 billion net loss in Q1 2026, more than double the loss from the previous year. The company sold 20,880 Bitcoin worth nearly $1.5 billion, using $1 billion of the proceeds to reduce its convertible debt by 30% to $2.3 billion. Despite the sell-off, MARA remains the fourth largest corporate Bitcoin holder with 35,303 BTC valued at $2.84 billion. In a strategic shift, MARA is moving away from aggressive Bitcoin mining, opting instead to convert 90% of its non-hosted mining capacity into AI and IT infrastructure. The company is also acquiring Long Ridge Energy for $1.5 billion, including $785 million in debt, marking its largest acquisition to date. This move is expected to generate $144 million in annualized EBITDA. Additionally, MARA plans to cut 15% of its workforce, saving $12 million annually.