Bitcoin (BTC) dropped below $69,000, erasing recent gains, as MARA Holdings (MARA) announced the sale of 15,133 BTC for approximately $1.1 billion. The sale reduced MARA’s holdings by 28%, from 53,822 BTC at the start of March to 38,689 BTC.
The market reacted sharply, with BTC falling to about $68,997, a 45% drop from its record high. MARA stock, however, climbed nearly 7%, approaching the $9-per-share mark. The proceeds will be used to repurchase $1 billion in convertible bonds due in 2030 and 2031, strengthening the company’s balance sheet and increasing financial flexibility.
MARA CEO Fred Thiel stated, “This transaction enhances financial flexibility and increases strategic optionality as we expand beyond pure-play bitcoin mining into digital energy and AI/high-performance computing infrastructure.”
The sale follows a strategic shift disclosed in MARA’s Form 10-K, allowing the company to sell Bitcoin during liquidity stress or market crises. Despite the reduction, MARA’s remaining BTC stash is valued at about $2.66 billion.
The daily chart shows BTC’s dip below $69,000 on Thursday. Source: BTCUSDT on TradingView.com