MARA Holdings liquidated 15,000 Bitcoins! Cashing out $1.1 billion to repurchase $1 billion in convertible bonds, signaling their move into AI computing power.

Bitcoin mining giant MARA Holdings announces the sale of 15,133 Bitcoins in March, cashing out approximately $1.1 billion. The proceeds will mainly be used to repurchase $1 billion worth of zero-coupon convertible bonds maturing in 2030 and 2031, aiming to significantly reduce the company’s debt, minimize equity dilution risks, and reserve strategic funds for entering AI and high-performance computing (HPC) infrastructure.
(Background: Why did MARA, planning to raise $2 billion by issuing stock to buy more Bitcoin, see its stock price fall instead of rise?)
(Additional context: Major transformation in mining companies: Bitdeer liquidates BTC reserves, invests in AI infrastructure, restructuring the crypto concept stock sector)

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• Repaid 15,000 BTC, cashed out $1.1 billion
• Repurchased $1 billion of bonds at a discount, saving nearly $9 million
• CEO: Optimizing the balance sheet, advancing into AI infrastructure

U.S.-listed Bitcoin mining giant MARA Holdings (NASDAQ: MARA) is undergoing a major asset reallocation. According to the latest official announcement, the company has signed a private agreement to repurchase approximately $1 billion worth of zero-coupon convertible preferred notes. At the same time, MARA confirmed it recently sold over 15,000 Bitcoins to fund this transaction.

Repaid 15,000 BTC, cashed out $1.1 billion

The announcement states that between March 4 and March 25, MARA sold a total of 15,133 Bitcoins for about $1.1 billion. MARA said the proceeds from this Bitcoin sale will be primarily used to finance the bond repurchase plan, with remaining funds kept for general corporate operations.

Repurchased $1 billion of bonds at a discount, saving nearly $9 million

Regarding debt repurchase details, MARA will use approximately $322 million in cash to buy back about $367 million of zero-coupon bonds maturing in 2030; simultaneously, about $589 million in cash will be used to repurchase approximately $633 million of zero-coupon bonds maturing in 2031. These repurchases are expected to settle on March 30 and 31, respectively.

Through this discount repurchase at roughly 9% below face value, MARA expects to save up to $88.1 million in cash value before transaction costs. This not only reduces MARA’s outstanding convertible debt by about 30%, but also effectively lowers the potential dilution risk to existing shareholders when these bonds convert into stock.

CEO: Optimizing the balance sheet, advancing into AI infrastructure

Regarding this large-scale Bitcoin sale and debt restructuring, MARA Chairman and CEO Fred Thiel explained that this is a strategic capital allocation initiative aimed at strengthening the balance sheet and laying the foundation for long-term growth. He emphasized that canceling over $1 billion of debt at a discount captured more than $88 million in value and reduced potential dilution risks for shareholders.

Thiel further outlined MARA’s future transformation vision:

“This transaction enhances our financial flexibility and increases strategic options. As MARA gradually expands beyond pure Bitcoin mining, we are actively venturing into digital energy and artificial intelligence (AI) and high-performance computing (HPC) infrastructure.”