CoinDesk May 12: MARA sold 20,880 Bitcoins in Q1, totaling $1.5B, currently holding 35,303, dropping from 2nd to 4th on the public holdings list.

Where did the money go? Over $1B discounted redemption of convertible bonds, $200M repaid in credit, the rest invested in AI—simultaneously acquiring $1.5B worth of Ohio Long Ridge gas power plant data center, 600MW computing power, 90% of mining machines convertible to AI.
Net loss of $1.26B, stock price rebounded 10.2%.
Many call this an AI pivot, I call it an exit announcement. Back then, miners shouted “BTC is the ultimate reserve asset,” the top strategy still does, the second sold $1.5B in a quarter to pay off debt and switch to AI.
Next time you see listed miners’ “BTC reserves” narrative, check the latest 10-Q—this term was once faith, now it’s collateral and a fallback.