MARA sells $1.1B in Bitcoin to buy back debt at 9% discount

MARA Holdings sold much than $1 cardinal of Bitcoin successful March to repurchase convertible indebtedness astatine a discount, utilizing its BTC holdings to trim leverage, the institution said Thursday.

In a US Securities and Exchange Commission filing, the largest listed US Bitcoin miner said it would bargain backmost astir $1 cardinal of zero-coupon convertible notes owed 2030 and 2031 for astir $913 cardinal successful cash, capturing astir $88 cardinal successful savings, oregon adjacent to a 9% discount to par. 

The institution said it sold 15,133 Bitcoin (BTC) for astir $1.1 cardinal betwixt March 4 and March 25 to money the transactions, which it said volition chopped its outstanding convertible indebtedness by astir 30% to astir $2.3 cardinal erstwhile the deals adjacent astatine the extremity of the month. According to Bitcointreasuries.net, MARA present holds 38,689 BTC connected its nationalist equilibrium sheet.

MARA’s president and main enforcement officer, Fred Thiel, commented successful a release that the transaction enhanced the company’s “financial flexibility” and accrued its “strategic optionality” arsenic MARA expands “beyond pure-play Bitcoin mining into integer vigor and AI/HPC infrastructure.”

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MARA’s premarket stock terms reacted positively to the news, rising from yesterday’s adjacent of $8.25 to $9.29, a summation of astir 12.6%, and traded astatine $8.74 (+5.56%) astatine the clip of writing, according to data from Yahoo Finance.

MARA’s Thursday pre-market price. Source: Yahoo Finance.

Bitcoin miners proceed to merchantability down their stashes

The determination follows a $1.7 cardinal nett nonaccomplishment successful the 4th fourth of 2025, driven mostly by non-cash fair-value adjustments connected MARA’s Bitcoin holdings. At the time, MARA pushed backmost against speculation that it was softly selling down its BTC holdings, saying it continued to presumption Bitcoin arsenic a strategical treasury plus portion actively managing its equilibrium sheet.

MARA is portion of a broader displacement among crypto miners seeking much unchangeable gross streams, redeploying vigor and infrastructure toward artificial quality and high-performance computing. The institution precocious agreed to acquire a bulk involvement successful Exaion’s AI-focused information centers, and peers are making akin moves.

Bitdeer sold down its Bitcoin treasury to zero successful February arsenic it pivots toward infrastructure and service‑based revenues successful unreality and AI compute, portion Canaan has invested successful US mining sites successful Texas to tally some Bitcoin mining and AI workloads from the aforesaid energy-intensive facilities.

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