MARA amends Texas power site purchase agreement, posts $100M deposit

MARA Holdings, Inc. (NASDAQ: MARA) has amended a purchase agreement related to its acquisition of a Texas data center project site with access to 2,000 megawatts of power capacity, according to a company statement.

The amendment, signed Sept. 21, 2026, modifies the original July 2, 2026 agreement under which MARA's subsidiary Volt Texas LLC acquired membership interests in MAT 1177 LLC, a project company holding land rights and a power capacity agreement with an electric utility in Texas.

Under the amended terms, Volt Texas posted a $100 million security deposit with the electric utility company. The buyer may withdraw the deposit at its sole discretion, subject to a sale process outlined in the amendment.

The amendment restructures milestone payment terms, including splitting payments tied to regulatory approvals into two installments: one upon completion of a Texas regulatory audit of the data center project, and another upon the buyer's election to proceed following an interconnection study. Payments tied to the site receiving power authorization were also increased. The total aggregate purchase price remains $600 million if all milestones are achieved.

The amendment removes provisions from the original agreement that allowed membership interests to revert to the seller if certain milestones were not met. Instead, the parties agreed to market the project to a third party, with the seller holding a right of first offer, if specific trigger events occur related to the audit or if the buyer elects not to proceed. Sale proceeds would be distributed between the parties under an agreed waterfall structure.

The full text of the amendment is expected to be filed as an exhibit to MARA's quarterly report on Form 10-Q for the period ended Sept. 30, 2026.

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