MARA AMENDED THE PURCHASE AGREEMENT FOR ITS TEXAS DATA CENTER SITE — THE BUYER POSTED A SECURITY DEPOSIT WITH THE ELECTRIC UTILITY COMPANY — AND THE MILESTONE PAYMENTS NOW TURN ON A STATE AUDIT AND AN INTERCONNECTION STUDY

MARA bought a Texas data center project in July and has now rewritten the terms of how it pays for it. The original deal was a membership interest purchase agreement between Volt Texas, a MARA subsidiary, and HIF USA, covering a company called MAT 1177. The First Amendment, dated 21 September, does two things to the money.

First, the buyer posted a security deposit of one hundred million dollars with the electric utility company. That is cash out the door to hold a place in line for power. Second, the payments tied to regulatory approvals were restructured into two installments. One comes when Texas regulators finish an audit of the project. The other comes when MARA elects, in its sole discretion, to proceed after the applicable interconnection study is complete.

The headline price did not move. The filing says the aggregate purchase price would remain six hundred million dollars assuming all milestones are achieved. What moved is when MARA has to pay and what has to be true first. A milestone that turns on a regulator finishing an audit is a milestone the seller does not control. Neither is one that turns on MARA choosing to continue.

This is a miner buying the right to plug in, and the amendment reads like a company that wanted more exits and posted a deposit to get them. Whether the site ever draws power is a question for the interconnection queue, not for this filing. At the time of this writing, bitcoin was $84,069.