MARA Holdings sold part of its Bitcoin treasury in March and moved the proceeds toward debt reduction.
In a press release shared on Thursday, the Bitcoin mining firm said the plan will cut convertible debt, lower possible dilution, and leave extra cash for corporate use as it expands beyond Bitcoin mining.
MARA Holdings announced that the company sold 15,133 BTC between March 4 and March 25, 2026. The sale amounted to approximately $1.1 billion. Data posted by Lookonchain revealed that the company sold Bitcoin with an average price of approximately $72,689 per coin.
Prior to those sales, MARA had 53,822 BTC valued at approximately $3.74 billion on February 26, 2026, and was the second-largest publicly traded corporate holder of Bitcoin after Strategy. As of press time, MARA holds 38,689 BTC (per Bitcointreasuries.net data)
The company indicated that it would utilize a majority of the sale profits in repurchasing convertible senior notes, which would mature in 2030 and 2031.
The company described the move as a capital allocation decision tied to its balance sheet.
Chairman and Chief Executive Officer Fred Thiel 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.”
MARA said the remaining cash from the Bitcoin sales will stay available for general corporate purposes. The company also said the transaction gives it more flexibility as it widens its business focus beyond mining.
Thiel said the company used its Bitcoin holdings to retire debt on terms it considers favorable.
He added, “This transaction enhances financial flexibility and increases strategic optionality as we expand beyond pure-play Bitcoin mining into digital energy and AI/HPC infrastructure.”
Company targets more than $1 billion in face value debt
MARA claimed to have signed privately negotiated repurchase transactions with certain holders of its 0.00 percent Convertible Senior Notes maturing 2030 and 0.00 percent Convertible Senior Notes maturing 2031.
It accepted to buy approximately $367.5 million 2030 notes at close to $322.9 million in cash and around $633.4 million 2031 notes at close to $589.9 million in cash.
The company expects the 2030 note repurchase to close on March 30, 2026, and the 2031 note repurchase to wrap up on March 31, 2026. Both deals still depend on standard closing conditions.
MARA said the repurchases should create about $88.1 million in value through cash savings before transaction costs. It also said the transactions would reduce its outstanding convertible debt by about 30 percent and lower future dilution tied to the notes’ conversion feature.
Following the closure of the transactions, MARA anticipates a balance in the 2030 notes of $632.5 million and 2031 notes of $291.6 million. According to the table of the company, the total convertible note debt would decrease to approximately $2.30 billion after the purchases at the end of 2025 and approximately $3.30 billion before that.
MARA’s share price also reacted to the update. According to Yahoo Finance data, the stock climbed from its prior close of $8.25 to $9.29 in premarket trade and later changed hands at $8.74, still up almost 6 percent at the time of writing.
Balance sheet move follows earlier strategy change
The announcement follows an earlier change in MARA’s treasury approach. In a filing on March 3, the company told the U.S. Securities and Exchange Commission that it could sell some of its Bitcoin holdings “from time to time” depending on market conditions and investment needs.
As we reported, that filing drew attention because MARA had built a public image around holding mined Bitcoin for long periods. The new sales show the company is now treating Bitcoin not only as a reserve asset but also as a funding source for corporate goals.
The latest step also comes after pressure on the company’s financial results. On February 27, MARA disclosed a $1.7 billion loss in its unaudited fourth-quarter earnings report. That result came as several Bitcoin miners faced weaker market conditions and rising pressure to improve returns.
Against that backdrop, debt reduction gives MARA a way to clean up its capital structure without raising new equity. The company said the repurchases will reduce indebtedness while keeping part of the sale proceeds available for daily operations and future planning.
AI and HPC plans remain part of MARA’s wider shift
MARA has also tied this debt move to a wider business transition. The company said it wants to grow beyond pure-play Bitcoin mining and build more exposure to digital energy and AI/HPC infrastructure.
That strategy has become more common across the mining sector. Several miners have started looking at artificial intelligence and high-performance computing because those businesses can use power-heavy sites that were first built for mining operations.
MARA has already taken steps in that direction. The company has been working with Starwood on plans tied to AI infrastructure and has also invested in Exaion, an HPC data center firm backed by EDF. Under an earlier agreement with EDF Pulse Ventures, MARA has the option to raise its stake in Exaion to as much as 75 percent by 2027.