MARA Holdings sold 15,133 BTC in March for roughly $1.1 billion, with most of the proceeds earmarked for the repurchase of about $1 billion in zero-coupon convertible notes. The company said any remaining funds will be kept for general corporate purposes.
The bitcoin sales took place between March 4 and March 25, 2026. In a fresh announcement, MARA said it had entered into privately negotiated agreements to retire part of its outstanding convertible debt. The move reshapes the miner’s balance sheet at a time when it is broadening its business beyond bitcoin mining.
Two note repurchases target 2030 and 2031 maturities
MARA said it will use about $322 million in cash to repurchase roughly $367 million aggregate principal amount of its 2030 zero-coupon convertible notes. It also plans to spend about $589 million in cash to buy back roughly $633 million aggregate principal amount of its 2031 zero-coupon convertible notes. The closings are expected on March 30 and March 31.
The company said the transactions reflect an average discount of about 9% to principal value. Before transaction costs, MARA expects to capture about $88.10 million in cash savings. Once completed, the repurchases are expected to reduce its outstanding convertible debt by around 30%. That also lowers the potential for future shareholder dilution tied to note conversions.
CEO links the transaction to AI and HPC expansion
Chairman and CEO Fred Thiel described the bitcoin sale and debt repurchase as a capital allocation decision aimed at strengthening MARA’s balance sheet and supporting long-term growth. He said canceling more than $1 billion of debt at a discount unlocks more than $88 million in value while reducing dilution risk for existing shareholders.
Thiel also said the deal improves MARA’s financial flexibility and expands its strategic options. The company is no longer framing itself only as a bitcoin miner. It is also pushing into digital energy as well as AI and high-performance computing, or HPC, infrastructure. In that context, the bitcoin liquidation serves as a funding source for both debt reduction and the next phase of capital deployment.