Cryptocurrency mining firm MARA Holdings has sold 15,133 Bitcoin for approximately $1.1 billion over the past three weeks. According to a company announcement, the proceeds will be used to repurchase $1 billion worth of its convertible senior notes, capturing about $88 million in value and reducing potential shareholder dilution. The move is described as a strategic effort to strengthen the balance sheet for long-term growth.
MARA Holdings Inc., a cryptocurrency technology and mining company, has sold a significant portion of its Bitcoin holdings. The firm sold 15,133 BTC for roughly $1.1 billion between March 4 and March 25, 2026.
Chairman and CEO Fred Thiel noted this reflects a strategic capital allocation move. “Our decision to sell a portion of our bitcoin holdings reflects a strategic capital allocation move designed to strengthen our balance sheet and position the company for long-term growth,” he stated.
Thiel explained the transaction captured value and reduced dilution. “By retiring over $1 billion of face value debt at a discount, we captured approximately $88 million in value that would otherwise have been lost, reduced potential shareholder dilution, and leveraged our bitcoin holdings to meaningfully de-lever the balance sheet on our terms,” he said.
The proceeds will fund a repurchase of convertible notes. The company is using the funds to repurchase 0.00% convertible senior notes due in 2030 and 2031.
It repurchased $367.5 million in principal of the 2030 notes for about $322.9 million. It also repurchased $633.4 million in principal of the 2031 notes for around $589.9 million.
The transactions are expected to close by the end of March. Once completed, the company’s outstanding convertible indebtedness will be reduced by up to 30%.
The remaining outstanding 2030 notes will have a face value of $632.5 million. The remaining 2031 notes will have a face value of $291.6 million.
