MARA Sells 15,133 Bitcoin for $1.1B Debt Repurchase

MARA Holdings, a leading Bitcoin mining company, sold 15,133 Bitcoin for approximately $1.1 billion between March 4 and March 25 to fund the repurchase of over $1 billion in convertible debt, a move announced Thursday that reduced its overall liabilities by about 30 percent.

The transaction targeted the company's 0 percent convertible senior notes due in 2030 and 2031. MARA used the proceeds to buy back $367.5 million face value of the 2030 notes for $322.9 million and $633.4 million face value of the 2031 notes for $589.9 million. The repurchases occurred at roughly 9 percent below par value, generating about $88.1 million in savings before transaction costs. Settlements are expected by March 31. This action cuts MARA's total outstanding convertible notes from $3.3 billion at the end of 2024 to approximately $2.3 billion, leaving $632.5 million of the 2030 notes and $291.6 million of the 2031 notes active.

The sale marks a departure from MARA's previous policy of holding all Bitcoin on its balance sheet. In mid-2024, the company adopted a full "HODL" strategy, positioning itself as one of the most aggressive accumulators among public miners. However, in early March, MARA...