MARA Holdings (NASDAQ: MARA) won approval from the Federal Energy Regulatory Commission for its acquisition of Long Ridge Energy & Power, removing a key regulatory hurdle on the roughly $1.5 billion deal. The approval lands as MARA shifts more of its bitcoin to institutional platforms and positions its energy assets for AI computing.

Key Points

• FERC found MARA’s acquisition of Long Ridge from FTAI Infrastructure consistent with the public interest, and closing is expected in the coming weeks.
• Long Ridge is a 505-megawatt combined-cycle natural gas plant in Ohio, connected to the PJM grid.
• MARA moved about 1,650 BTC, worth roughly $132.8 million, to institutional platforms on November 5.
• The stock has slipped below $6 this week ahead of MARA’s third-quarter report.

A Power Plant at the Center of the AI Pivot

The Long Ridge site gives MARA its own generation and more than 1,600 contiguous acres to build on. The facility is currently authorized to sell 485 MW, and that figure is expected to rise to the full 505 MW in the first half of 2027.

More importantly, MARA plans to use the site for more than bitcoin mining. The company has said it is considering converting about 90% of its non-hosted capacity to AI and critical computing. It is in talks with potential customers and aims to sign leases before the end of 2026. MARA then expects to start building its first AI and critical IT facilities at Long Ridge in the first half of 2027, targeting initial service in mid-2028.

The plan builds on MARA’s broader power strategy. In July, PRISM MarketView covered its acquisition of a 1,200-acre Texas site with 2 GW of power capacity, which sent the shares up 13%.

Bitcoin Keeps Moving Off the Balance Sheet

Meanwhile, on-chain tracker Lookonchain flagged about 1,650 BTC leaving MARA’s wallets over roughly 12 hours on November 5, with recipients including Galaxy Digital and Copper. Together with the roughly 996 BTC MARA sent to a Galaxy Digital-linked wallet in early October, that brings transfers to about 2,646 BTC in four weeks.

MARA has not confirmed that the latest transfers were sales. Still, the pattern fits its recent approach. The company sold about 23,093 BTC for roughly $1.6 billion in the first half of 2026, using the proceeds to fund operations, support expansion, and manage liquidity. As a result, its holdings fell from 53,822 BTC at the end of 2025 to 35,577 BTC on June 30.

MARA is not alone in using its bitcoin to fund the shift. Riot Platforms, for example, sold 9,665 bitcoin in the first half of 2026 to fund a data center pivot anchored by its Anthropic lease.

Pressure on the Shares

The regulatory win comes during a rough stretch for the stock. MARA closed at $6.87 on November 4 and has since slipped below $6 as AI infrastructure stocks sold off. Peers have felt it too: PRISM MarketView reported yesterday that IREN sank about 18% ahead of earnings as a Microsoft delay report dragged the index lower.

Investors get their next update when MARA reports third-quarter results next week. Hash rate growth, power costs, any word on AI lease signings, and the Long Ridge closing timeline are the items to watch.

MARA Holdings is a component of the PRISM Crypto Mining Index.

The post MARA Clears FERC Hurdle for $1.5 Billion Long Ridge Deal as It Moves More Bitcoin to Institutional Platforms appeared first on PRISM MarketView.

COMTEX_1002487819/2927/2026-11-06T11:01:18