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MARA Holdings said they sold 15,133 Bitcoin for approximately $1.1 billion between March 4 and March 25 to fund the repurchase of its 0.00% convertible senior notes.
MARA, a Nasdaq-listed Bitcoin miner expanding into digital energy and
AI infrastructure, announced a major balance sheet restructuring on Thursday.
The company said they sold 15,133 Bitcoin for approximately $1.1 billion between March 4 and March 25 to fund the repurchase of its 0.00% convertible senior notes due 2030 and 2031.
The company will repurchase $367.5 million of its 2030 notes for $322.9 million and $633.4 million of its 2031 notes for $589.9 million.
The purchases represent an approximate 9% discount to par value and are expected to generate roughly $88.1 million in cash savings. The transactions are scheduled to close on March 30 and March 31, pending customary conditions.
Following the repurchases, MARA’s outstanding convertible debt will decline by about 30%, reducing total convertible notes from roughly $3.3 billion to $2.3 billion.
The move also limits potential future shareholder dilution tied to the notes’ conversion feature. After the repurchases, $632.5 million of 2030 notes and $291.6 million of 2031 notes will remain outstanding.
The company has made it clear they are pivoting toward artificial intelligence and high-performance computing.
Shares of MARA were up 6% in premarket trading following the announcement.
CEO Fred Thiel described the transactions as part of a broader capital allocation strategy.
“Our decision to sell a portion of our Bitcoin holdings reflects a strategic move designed to strengthen our balance sheet and position the company for long-term growth,” Thiel said.
