MARA Holdings Sells $1.1B in Bitcoin to Repurchase Debt at Discount
- MARA Holdings sold 15,133 Bitcoin for approximately $1.1 billion between March 4 and March 25.
- The company aims to repurchase about $1 billion of zero-coupon convertible notes due in 2030 and 2031 for roughly $913 million.
- This transaction is expected to reduce MARA’s outstanding convertible debt by about 30% to around $2.3 billion.
- MARA’s chairman, Fred Thiel, stated that the move enhances financial flexibility and strategic options as the company diversifies into digital energy and AI infrastructure.
- Following the announcement, MARA’s premarket share price increased from $8.25 to $9.29, a gain of approximately 12.6%.
MARA’s recent sale of Bitcoin reflects a broader trend among cryptocurrency miners seeking stable revenue streams by reallocating resources towards artificial intelligence and high-performance computing.
The company now holds a total of approximately 38,689 BTC on its public balance sheet after this transaction.(Source)
