MARA, a Nasdaq-listed Bitcoin miner expanding into digital energy and AI infrastructure, announced a major balance sheet restructuring on Thursday. The company sold 15,133 Bitcoin for approximately $1.1 billion between March 4 and March 25 to fund the repurchase of its 0.00% convertible senior notes due 2030 and 2031.
Repurchase Details
MARA will repurchase $367.5 million of its 2030 notes for $322.9 million and $633.4 million of its 2031 notes for $589.9 million. The purchases represent an approximate 9% discount to par value and are expected to generate roughly $88.1 million in cash savings. The transactions are scheduled to close on March 30 and March 31, pending customary conditions. Following the repurchases, $632.5 million of 2030 notes and $291.6 million of 2031 notes will remain outstanding.
Debt Reduction and Financial Impact
The move cuts MARA's total outstanding convertible debt by about 30%, from roughly $3.3 billion to $2.3 billion. This also limits potential future shareholder dilution tied to the notes' conversion feature. Other convertible notes remain unchanged, including $48.1 million of 1.0% notes due 2026, $300 million of 2.125% notes due 2031, and $1.025 billion of 0.0% notes due 2032. The company has made clear it is pivoting toward artificial intelligence and high-performance computing.
CEO Statement: Strengthening the Balance Sheet
CEO Fred Thiel described the transactions as part of a broader capital allocation strategy. “Our decision to sell a portion of our Bitcoin holdings reflects a strategic move designed to strengthen our balance sheet and position the company for long-term growth,” Thiel said. He added that the repurchases preserve shareholder value and provide the company with greater financial flexibility as it expands beyond Bitcoin mining into digital energy and AI/HPC infrastructure. The remaining proceeds from the Bitcoin sales will support general corporate purposes.
Bitcoin Holdings and Corporate Ranking
MARA’s current Bitcoin holdings total 38,689 BTC, down from 53,822 BTC at the end of February. At current market prices, the holdings are valued at approximately $2.7 billion. The update places MARA behind only Twenty One Capital in terms of corporate Bitcoin holdings. MARA intends to sell Bitcoin “from time to time” as part of its 2026 capital and liquidity strategy. J. Wood Capital Advisors LLC acted as financial advisor, while Paul, Weiss, Rifkind, Wharton & Garrison LLP provided legal counsel.