MARA Holdings (MARA) investor relations material

Key themes and industry evolution

• Panelists highlighted the rapid evolution from Bitcoin mining to diversified data center operations, with a strong focus on high-performance computing (HPC) and AI workloads as future growth drivers.

• Companies are leveraging their expertise in energy management, site origination, and rapid deployment to secure competitive advantages in both traditional and emerging compute markets.

• Strategic investments in renewable energy, edge computing, and partnerships with global utility and AI firms are shaping new business models and revenue streams.

• Many firms are transitioning from asset-light to asset-heavy models, acquiring and developing large-scale power and data center assets to support both Bitcoin mining and AI infrastructure.

• The ability to rapidly retrofit or develop data centers, often repurposing industrial sites, is seen as a key differentiator for speed to market and cost efficiency.

Competitive advantages and investor perspectives

• Teams with deep experience in power origination, data center construction, and digital asset management are viewed as the most valuable assets, driving innovation and execution.

• Companies emphasize capital discipline, operational excellence, and the ability to monetize power assets flexibly between Bitcoin mining and AI/HPC workloads.

• Investor interest is shifting toward firms with scalable infrastructure, strong balance sheets, and the capacity to originate and commercialize new sites efficiently.

• Some firms are spinning out or restructuring business units to align capital structures with distinct risk profiles, such as separating Bitcoin accumulation from infrastructure operations.

• The ability to provide grid flexibility and act as a shock absorber for utilities is increasingly valued, especially in regions with surplus or stranded power.

Five-year outlook and industry trends

• AI and HPC are expected to dominate demand, with modular and edge computing models gaining traction alongside traditional hyperscale data centers.

• The scale of data center campuses is increasing, with multi-hundred megawatt and gigawatt sites becoming the norm, and new entrants challenging traditional operators.

• Curtailability and flexible load management will be critical, with Bitcoin mining and AI workloads increasingly paired to optimize power usage and grid stability.

• National security and regulatory considerations are rising, particularly regarding foreign ownership and the strategic importance of domestic blockchain infrastructure.

• Companies anticipate further specialization, with each finding its niche as the market matures and demand cycles evolve.