Robert Samuels

Please set a reminder to join us on Tuesday at 2pm.

Seeing some inaccuracies around Morgan Stanley’s recent report on @MARA, so I want to clarify a few points: #1 This analyst has been Underweight since he initiated coverage several months ago. #2 Morgan Stanley is not “selling” any position. This is a sell-side research report. #3 If you actually read the note, the math appears incorrect regarding the Starwood JV, even after we provided an illustrative example of how the economics work. #4 The analyst openly acknowledges that he is waiting for a lease to be signed, which is typical of the sell-side: often late to recognize value until it is already obvious. #5 And if you do not want to take my word for it, here is the analyst’s own language: “We acknowledge the potential of this JV as an avenue for considerable growth, but continue to value pipeline MWs at a 10% chance of electrification until the partnership results in a deal.”

🎙️ Joining a fireside chat hosted by @AugustDebouzy on May 27th ⚙️ Data centers, #AI, #energy & digital infra are becoming increasingly interconnected 🌍 Looking forward to discussing #sovereignty, scalability and #infrastructurechallenges shaping Europe’s digital future 🤝

To clarify: @MARA has not sold an additional $1.5B of BTC. Some recent commentary has incorrectly characterized BTC sales previously disclosed in connection with our debt reduction efforts as new or incremental sales. Those sales were part of the debt reduction activity announced at the end of March (Q1).

AI demand isn't waiting 7-10 years for infrastructure to catch up. MARA's agreement to acquire Long Ridge shortens that timeline, at below-replacement cost. Learn more: bit.ly/4wdcSWL

Referring to @MARA's Starwood partnership - "Because MARA's site contribution is recognized upfront as equity, MARA's cash requirements are deferred until its site contribution has been fully credited against the project's capital needs. From there, MARA's ownership stake is proportional to its total contribution relative to the project's capital requirements. In the illustrative 200 MW project, MARA could achieve 50% ownership with up to $50-100 million of net annualized stabilized cash flow (based on a range of 9-15% yield on cost) for little to no incremental equity exposure beyond its site contribution."

@MARA Q1 2026 Highlights: - The Starwood strategic partnership moved from announcement to execution during Q1 2026, with permitting and site preparation advancing across MARA’s portfolio. - Approximately 90% of MARA’s non-hosted capacity is being evaluated for conversion into AI and critical IT compute infrastructure. - MARA expects to sign one or more tenant leases by year-end. In the letter, we provide a hypothetical example of potential economics with Starwood.

Please tune it at 5PM EST today to listen to @MARA's Q1 2026 earnings conference call. Access the webcast here: event.webcasts.com/starthere.jsp?…

Long Ridge checks all the boxes, allowing @MARA to establish one of the best digital infrastructure campuses in the world with the rare combination of operating generation + large-scale interconnect + developable land in the best location for monetizing optionality for HPC development (PJM). Power ✅ Land ✅Water ✅Fiber ✅ Advanced discussions with investment grade tenants ✅ $15/MWh all-in operating cost ✅

$MARA is building a digital infrastructure triad!!!👀👀👀 ⚡ AI — Training, Inference & Token Factory at the top of the stack ⚡ Critical IT — Public & Private Cloud Data Centers serving enterprise and hyperscale customers ⚡ Bitcoin Mining — Digital Assets & Proof-of-Work as the cash flow engine ⚡ At the center of all three: POWER — Owned & Operated, Grid Connected, and Behind the Meter The future is bright @MARA 📈📈📈

Here is the link to slides from today's call: d1io3yog0oux5.cloudfront.net/_54fcbb1e30e6b…

@Kaminarizx3 Do you care about this? ir.mara.com/news-events/pr…

@MARA @fgthiel Literally nobody cares about this post. It’s worthless. Do something to increase shareholder returns. Who thinks it’s smart to post another dumb picture without a single measure of value increase associated with it? 🤯 Do better. You’re paid to deliver.

MARA Advances Its Optimized Digital Infrastructure Strategy with Agreement to Acquire Long Ridge Energy & Power Establishes Premier Digital Infrastructure Campus with Over 1 GW of Total Potential Capacity, Including 200 MW of Existing MARA Capacity and Line of Sight to up to 600 Gross MW of AI and Critical IT Loads Increases MARA’s Owned and Operated Capacity by 65% Adds Approximately $144 Million of Annualized Adjusted EBITDA1 at Less than $15/MWh of All-In Operating Costs MARA to Host Conference Call Today at 8:00 a.m. ET (5:00 a.m. PT) ir.mara.com/news-events/pr…

Just wrapped the “Allocating Scarce Assets” panel at Bitcoin 2026 with @CleanSpark and @LuxorTech. My take: capital isn’t the constraint. Compute isn’t the constraint. Energy is. We stopped asking “what should we do with our megawatts” and started asking “how do we own more megawatts.” That question led us to Starwood. 1 GW near-term. 2.5 GW pathway. AI-ready infrastructure built on power assets we control. Minimal capital needs from MARA with a predictable pathway to success. Starwood has access to customers, 7-8GW HPC experience worldwide and EPC to build AI/HPC complexes. I believe MARA is the only Bitcoin miner with a predictable pathway to HPC with low risks. $MARA

Thank you to @BTC_Bella69420 and @Buhlahkay. Real investor relations is built with trusted partners and disciplined messaging. Noise isn't strategy. Execution is.

Today at @TheBitcoinConf, @MARA CEO @fgthiel announced the launch of MARA Foundation. The MARA Foundation represents MARA’s strategic commitment to supporting the health of the Bitcoin network, outside of our responsibilities as miners alone. We believe Bitcoin embodies the most powerful tool for financial sovereignty, economic resilience, and human freedom in the world. As such, we commit ourselves to: - Protecting the core properties that make Bitcoin sound, durable money, and - Advocating for the free and fair use of this technology for 8 billion people around the world We humbly devote ourselves to the following pursuits: - Ensure Bitcoin’s ongoing security budget—and, in particular, support the development of a robust and healthy fee market for Bitcoin transactions. - Harden Bitcoin against potential security threats—including, but not limited to, those posed by advancements in quantum computing. - Expand access to self-custodial Bitcoin and support those using Bitcoin in the pursuit of financial sovereignty. - Support the free and open-source development of Bitcoin technologies—including but not limited to scaling, mining, and critical user infrastructure. Additionally, we intend to develop educational resources and initiatives to inform Bitcoin users and builders alike—including, but not limited to: - Technical and developer education - Multi-lingual Bitcoin education - Advocacy for financial freedom technologies - Education for policy makers and activists Moving forward, we’ll be using this account to share critical research, educational content, and diverse points of view by leaders throughout the space. Drop a follow to make sure you don’t miss anything, and sign up for MF Quarterly reports here: 🔗 foundation.mara.com

Together with our JV partner @MARA, we have inaugurated Grid Balancing Optimization Pilot Project Using Large Flexible Loads in @governorofficeD in Oman. This pilot marks the first deployment of real-time controllable demand-side assets by a grid operator in the region.

To summarize what @MARA actually did: we acquired a discounted asset with remaining operational life well beyond standard underwriting assumptions, structured the deal to minimize cash outlay, deployed older fully depreciated miners to manage capex, and created an operation that supports grid reliability while generating incremental value that no conventional buyer could extract.

We take those curtailed megawatts, power the market can't absorb at positive prices, and redirect them into Bitcoin mining. When grid prices are favorable, we sell into the market. When they aren't, we mine. That's not a limitation of the asset. That's maximum optionality.

We've seen some misconceptions circulating about @MARA wind farm. We want to address them directly 🧵⬇️