Mining company MARA sold 15,000 bitcoins, cashing out $1.1 billion to repurchase convertible bonds.

MARA Holdings, a U.S. publicly listed mining company, announced on Thursday that it sold 15,133 bitcoins between March 4 and March 25, cashing in approximately $1.1 billion, and will use the proceeds to repurchase zero-coupon convertible bonds maturing in 2030 and 2031 to reduce debt and strengthen financial flexibility.
According to the official statement, MARA modified its digital asset management strategy on March 3 to allow the company to sell bitcoins held on its balance sheet, whereas the previous policy was limited to selling newly mined bitcoins. At the time of the policy adjustment, MARA held 53,822 bitcoins, with 28% already used in financial operations such as lending and collateral.
The so-called “zero-coupon convertible bonds” refer to a type of bond issued by a company that does not pay interest during the holding period but can be converted into company stock under specific conditions. The issuance price of such bonds is usually below par (i.e., “issued at a discount”), and investors profit from the discount space and the appreciation of the stock after conversion.
MARA’s operation this time takes advantage of the proceeds from the sale of bitcoins to buy back these bonds at a price below par. According to a repurchase agreement reached through private negotiations, MARA will repurchase $322.9 million of bonds maturing in 2030 with a face value of $367.5 million; and will repurchase $589.9 million of bonds maturing in 2031 with a face value of $633.4 million.
These two transactions are expected to officially settle on March 30 and 31, bringing a total cash saving of $88.1 million (before transaction costs), equivalent to a repurchase at a 9% discount from par value.
After the repurchase is completed, MARA still has $632.5 million of 2030 bonds and $291.6 million of 2031 bonds outstanding.
MARA CEO Fred Thiel stated, “This transaction enhances financial flexibility and expands strategic options, as we are transitioning from purely bitcoin mining to digital energy and AI/high-performance computing infrastructure.”