Marathon Digital Holdings Inc

Strategic shift: from “power + queue” to contracted AI/HPC-ready infrastructure with “speed/certainty/reliability” - Management emphasized Mara’s transformation into a digital infrastructure platform designed to maximize the value of every MW controlled, not just monetize energy. - They highlighted strong tenant engagement: prospective customers want near-term power availability, suitable sites, the right development partner, creditworthy tenants, and a credible path to completion. - They stated they are still targeting 2 lease signings before year-end, but timing may slip into next year due to fluid market conditions. - Opportunity: US post-election demand uptick and pricing power; also “peripheral” sites internationally seeing increased interest because of power availability + delivery credibility.

Long Ridge milestone (key near-term catalyst): FERC approved; acquisition expected to close soon - After quarter end, Mara received FERC approval for the Long Ridge acquisition, expected to close “in the next few weeks” (subject to closing conditions). - Long Ridge is a highly efficient combined cycle natural gas plant: currently 485 MW, expected to reach 505 MW in 1H 2027. - ~70% of output hedged under long-term contracts → management views this as a diversified, lower-volatility EBITDA profile. - Strategic significance: adds 1,600+ contiguous acres with access to power, water, fiber, and rail for a potential data center campus; plus existing Bitcoin operations at the site → >1 GW total potential capacity.

Matagorda (ERCOT Batch 0 “studied load”) rights: progressing, but still an execution/financing and timing risk - Mara secured rights to a Matagorda County, Texas site classified as studied load under ERCOT Batch 0 with up to ~2 GW grid-connected capacity expected. - Management said the contract was amended during the quarter to reduce near-term cash commitments and stated no upfront payments and no additional costs until milestones are met (i.e., reduced near-term cash burden). - They indicated the election/governor environment does not change contractual obligations; they believe Batch 0 approvals should come on a broadly similar timeline. - Risk/uncertainty: full commercial value depends on ERCOT approvals/energization timing and continued permitting/counterparty progress.