Bitcoin mining firm Marathon Digital sold 15,133 Bitcoin for approximately $1.1 billion between March 4 and March 25, according to a recent SEC filing. The company stated it will use most of the proceeds to repurchase around $1 billion in convertible senior notes, reducing its debt by roughly 30% and capturing an estimated $88.1 million in cash savings. Chairman and CEO Fred Thiel described the sale as a strategic capital allocation move to strengthen the firm’s balance sheet.
Bitcoin miner Marathon Digital liquidated over 15,000 Bitcoin, worth roughly $1.1 billion at current rates, in a three-week period this March. The company outlined its plans stated in an SEC filing to repurchase approximately $1 billion of its convertible senior notes due in 2030 and 2031.
The notes repurchase is expected to capture about $88.1 million in value through cash savings before transaction costs. This represents an approximate 9% discount to par value and will reduce outstanding debt and potential shareholder dilution.
Fred Thiel, MARA’s chairman and CEO, said “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 added that the transaction leveraged their bitcoin holdings to de-lever the balance sheet on their terms.
Bitcoin has declined over 20% year-to-date in 2026 amid a bear market. Marathon Digital reported a net loss of $1.71 billion for Q4 2025, headlined by a $1.5 billion loss on its crypto holdings.
The company is pivoting its strategy away from pure-play Bitcoin mining. It announced a joint venture with Starwood Digital Ventures to develop AI-focused and high-performance computing data centers.
