The cryptocurrency technology and mining company headquartered in Ford Lauderdale, Florida, has disposed of a significant chunk of its bitcoin holdings in the past few weeks.
The firm, founded in 2010, justified the decision by indicating that it has to “strengthen” its balance sheet as its leaders are trying to position it for “long-term growth.”
MARA Sells $1.1B in Bitcoin
In a press release shared earlier today, Fred Thiel, MARA Holdings’ chairman and chief executive officer, noted that the firm had sold 15,133 BTC for “an aggregate sale price of approximately $1.1 billion.” This significant bitcoin liquidation took place between March 4 and March 25, 2026.
The firm wants to use the proceeds to fund the notes repurchase transactions, with the remainder available for “general corporate purposes.”
“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. 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,” said Thiel.
The exec added that this transaction improves the company’s financial flexibility and “increases strategic optionality as we expand beyond pure-play bitcoin mining into digital energy and AI/HPC infrastructure.”
$1B Senior Note Repurchase
As mentioned above, MARA used the proceeds from its BTC sale to repurchase 0.00% convertible senior notes due 2030 and 2031. More specifically, it repurchased $367.5 million in aggregate principal amount of the 2030 notes for an aggregate cash price of approximately $322.9 million and $633.4 million in APA of the 2031 notes for a cash price of $589.9 million.
The transactions are expected to be completed by the end of the month, as they are still “subject to the satisfaction of customary closing conditions.” The company will “capture approximately $88.1 million in value through cash savings” after the notes are officially repurchased.
It also expects to reduce its outstanding convertible indebtedness by up to 30%. Once the aforementioned transactions are completed, MARA’s outstanding 2030 and 2031 notes will remain at a face value of $632.5 million and $291.6 million, respectively.
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