MARA Sells 15,133 BTC for $1.1B To Reduce Convertible Debt
MARA Holdings sold 15,133 Bitcoin for approximately $1.1 billion between March 4 and March 25. The company used the proceeds to retire a large portion of its convertible debt at a discount. MARA shares rose 10% in premarket trading Thursday.
The company repurchased $367.5 million in principal of its 0.00% convertible notes due 2030 for $322.9 million. It also repurchased $633.4 million in principal of its 0.00% convertible notes due 2031 for $589.9 million. Both transactions were negotiated privately and are set to close on March 30 and March 31.
The repurchases were executed at approximately a 9% discount to par value. That generated roughly $88.1 million in savings before transaction costs, according to MARA.
The transactions cut MARA's total convertible debt by about 30%. Outstanding convertible notes will drop from approximately $3.3 billion to $2.3 billion. The reduction also lowers the risk of future shareholder dilution from debt conversions.
MARA revised its digital asset management policy on March 3. The revision allowed the company to sell Bitcoin held on its balance sheet, not just newly mined coins. At that point, MARA held 53,822 Bitcoin, with 28% of that total tied to lending and collateral arrangements.
After the sale, MARA holds 38,689 Bitcoin. CEO Fred Thiel described the move as a deliberate capital allocation decision. "Our decision to sell a portion of our Bitcoin holdings reflects a strategic capital allocation move designed to strengthen our balance sheet and position the company for long-term growth," he said.
Thiel added that the transaction expands MARA's strategic options beyond Bitcoin mining. "This transaction enhances financial flexibility and increases strategic optionality as we expand beyond pure-play Bitcoin mining into digital energy and AI/HPC infrastructure," he said.
MARA reported a net loss of $1.7 billion in the fourth quarter of 2025. That compared to net income of $528.3 million in the same quarter a year earlier. A $1.5 billion negative change in the fair value of digital assets drove most of the loss, as Bitcoin declined roughly 30% during the quarter. Revenue fell 6% year-over-year to $202.3 million.