MARA Holdings Sells $1.1 Billion in Bitcoin to Retire $1 Billion in Debt

MARA Holdings, Inc. announced today that it has entered into privately negotiated agreements to repurchase approximately $1.0 billion in aggregate principal amount of its outstanding convertible senior notes. The transaction is being funded by the sale of 15,133 Bitcoin, which the company liquidated earlier this month for approximately $1.1 billion.

Debt Retirement and De-leveraging

The repurchase targets two specific tranches of the company's 0.00% convertible senior notes:

2030 Notes: Approximately $367.5 million in principal repurchased for $322.9 million in cash.

2031 Notes: Approximately $633.4 million in principal repurchased for $589.9 million in cash.

By retiring the debt at these levels, MARA captured approximately $88.1 million in value, representing an approximate 9% discount to par value. The move reduces the company's total outstanding convertible indebtedness by approximately 30%. Following the transaction, MARA’s total convertible debt will drop from roughly $3.3 billion to $2.3 billion.

Liquidation of Bitcoin Holdings

To fund the de-levering effort, MARA sold 15,133 Bitcoin between March 4 and March 25, 2026. The aggregate sale price reached approximately $1.1 billion, providing the capital necessary to cover the repurchase prices while leaving a remainder for general corporate purposes.

Strategic Pivot to AI Infrastructure

Fred Thiel, MARA’s chairman and CEO, characterized the move as a strategic capital allocation decision intended to strengthen the balance sheet as the company expands its operations. Thiel noted that the transaction increases financial flexibility as MARA moves beyond "pure-play bitcoin mining" to focus on digital energy and AI/HPC infrastructure.

The repurchase of the 2030 and 2031 notes is expected to close on March 30 and March 31, 2026, respectively, subject to customary conditions.