Marathon Digital Holdings to Acquire Applied Digital Bitcoin Mining Center in Texas

Paul, Weiss is advising Marathon Digital Holdings, Inc., one of the world’s largest publicly traded Bitcoin miners, in its all-cash $87.3 million acquisition of Applied Digital Corporation’s Bitcoin mining data center in Garden City, Texas. The Bitcoin mining center has a name plate capacity of 200 megawatts and uses predominantly renewable energy.

This transaction is Marathon’s second major acquisition of data centers dedicated to Bitcoin mining in the past four months and increases the amount of self-owned and -operated megawatts in Marathon’s Bitcoin mining portfolio to 54%. The deal is expected to close in the second quarter of 2024, subject to customary closing conditions.

The Paul, Weiss team includes real estate partner Harris Freidus, corporate counsel Michael Spirtos and antitrust counsel Yuni Sobel.