MARA Holdings sold 15,133 Bitcoin for roughly $1.1 billion and will use the proceeds to retire over $1 billion in face value convertible debt.
The transactions target MARA’s 0.00% Convertible Senior Notes due 2030 and 2031. Sales occurred between March 4 and March 25, with closings expected by March 31.
Why MARA Is Selling Bitcoin to Kill Its Own Debt
MARA repurchased approximately $367.5 million of its 2030 notes for $322.9 million and $633.4 million of its 2031 notes for $589.9 million. That amounts to roughly $88.1 million in cash savings from the discount.
The buyback cuts MARA’s total convertible indebtedness by approximately 30%. Before the transactions, outstanding convertible notes stood at $3.3 billion. Afterward, roughly $2.3 billion remains.
The move follows a broader strategic shift MARA signaled in early March. The company revised its 2026 treasury policy to permit sales of Bitcoin held on its balance sheet, not just newly mined coins.
Previously, MARA had adopted a full-HODL approach in mid-2024 and was known as one of the most committed Bitcoin accumulators among public miners.
MARA’s Pivot Beyond Bitcoin Mining
CEO Fred Thiel framed the sale as a balance sheet move, not a retreat from Bitcoin.
“By retiring over $1 billion of face value debt at a discount, we captured approximately $88 million in value that would otherwise have been lost, reduced potential shareholder dilution, and leveraged our bitcoin holdings to meaningfully de-lever the balance sheet on our terms,” read an excerpt in the announcement.
Thiel also pointed to MARA’s expansion into AI and high-performance computing infrastructure as a reason for the increased financial flexibility.
The company has acquired a 64% stake in Exaion and partnered with Starwood Capital Group on data center capacity for hyperscaler tenants.
MARA held 53,822 BTC valued at roughly $3.73 billion at the end of 2025. After selling 15,133 coins, its remaining treasury places it among the largest corporate Bitcoin holders, behind Strategy.
MARA is not the only miner selling. Core Scientific also disclosed plans to liquidate substantially all of its Bitcoin holdings in early 2026.
Whether MARA’s deleveraging gamble pays off depends on how effectively it redeploys capital into AI infrastructure while Bitcoin prices remain under pressure.
