MARA Holdings sells $1.1 billion in Bitcoin to restructure debt
- MARA Holdings sold 15,133 bitcoin for approximately $1.1 billion from March 4 to March 25.
- The proceeds will fund the repurchase of about $1.0 billion in convertible senior notes due in 2030 and 2031.
- MARA plans to buy back $367.5 million of its 2030 notes at a discount of about $44.6 million.
- The company will also repurchase $633.4 million of its 2031 notes, saving approximately $43.5 million.
- This transaction will reduce MARA’s convertible debt by around 30%, lowering total outstanding notes from about $3.3 billion to $2.3 billion.
- Following the sale, MARA now holds 38,689 BTC.
The sale of Bitcoin is part of a strategic move by MARA Holdings to strengthen its balance sheet and reduce future shareholder dilution risks associated with conversions of convertible debt.
MARA’s decision to sell a portion of its Bitcoin holdings has resulted in a significant reduction in debt, bringing down convertible notes by about $1 billion following the sale of over 15,000 BTC.
