Bitcoin mining firm MARA Holdings announced a partnership with Starwood Property Trust to convert select mining sites into AI-focused data centers. The news sent its shares up as much as 16% in after-hours trading. Analysts note the move is strategically significant but caution that the company’s stock remains tied to Bitcoin’s price until concrete AI tenant agreements are secured.
MARA Holdings will partner with Starwood Property Trust to develop AI-focused data centers from a portfolio of its U.S. Bitcoin mining sites. The partnership aims to transform “power certainty into capacity certainty,” according to Chairman and CEO Fred Thiel.
The announcement spurred a significant after-hours trading rally for MARA stock. Shares rose as much as 16% before settling around a 13.9% gain from the regular session’s close.
Analysts say the partnership is a meaningful strategic shift for the miner. “It moves MARA from a ‘hashrate and Bitcoin price beta’ toward ‘power-to-compute monetization,'” said Ram Kumar of OpenLedger.
However, the immediate financial impact may be limited without signed contracts. Researcher Siwon Huh noted that, unlike peers, MARA has not yet announced confirmed AI tenants.
The joint venture structure allows MARA to hold between 10% and 50% equity in each project. Starwood will act as the managing member, leading development and tenant sourcing.
For a fundamental shift, a binding lease with a major tenant is seen as a key catalyst. Huh added that clear guidance on power allocation between Bitcoin mining and AI compute is also essential for investors.
