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ToggleMARA Holdings (NASDAQ: MARA), a US- listed Bitcoin mining giant, has made a significant adjustment to its asset allocation. According to its latest official announcement , the company has signed a private agreement to repurchase approximately $1 billion in zero-coupon convertible senior notes. MARA also confirmed that it recently sold over 15,000 Bitcoins to support this transaction.
He resold 15,000 BTC, cashing out $1.1 billion.
The announcement stated that MARA sold a total of 15,133 bitcoins between March 4 and March 25, 2026, for a total of approximately $1.1 billion. MARA indicated that the proceeds from the sale of bitcoins will be used first to fund the current convertible bond repurchase program, while the remaining funds will be retained for general corporate operating purposes.
Buying back $1 billion in convertible bonds at a discount saves nearly $90 million.
Regarding the details of the debt repurchase, MARA will repurchase approximately $367 million of zero-coupon convertible bonds maturing in 2030 with approximately $322 million in cash; and simultaneously repurchase approximately $633 million of zero-coupon convertible bonds maturing in 2031 with approximately $589 million in cash. These two repurchases are expected to be completed on March 30th and 31st, respectively.
Through this repurchase at a discount of approximately 9% below par value, MARA expects to save the company up to $88.1 million in cash value before deducting transaction costs. This not only significantly reduces MARA's outstanding convertible debt by approximately 30%, but also effectively mitigates the potential equity dilution risk to existing shareholders should the convertible bonds be converted into shares in the future.
CEO: Optimizing the balance sheet and venturing into AI infrastructure.
Regarding the large-scale sale of Bitcoin and debt restructuring, MARA Chairman and CEO Fred Thiel explained that this was a strategic capital allocation move aimed at strengthening the balance sheet and laying the foundation for the company's long-term growth. He emphasized that writing off more than $1 billion in debt at a discount not only captured more than $88 million in value but also reduced the potential dilution risk to shareholders.
Thiel further outlined MARA's future transformation vision:
"This transaction enhances our financial flexibility and increases our strategic options. As MARA gradually moves beyond pure Bitcoin mining, we are actively expanding into digital energy and artificial intelligence (AI) and high-performance computing (HPC) infrastructure."
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