MARA Holdings sold 15,133 Bitcoin for $1.1 billion to repurchase $1 billion in zero-coupon convertible notes due 2030 and 2031, securing an $88 million discount-nearly 9% below par value. The transaction reduces MARA’s outstanding convertible debt by 30% to approximately $2.3 billion.
The move underscores a strategic pivot beyond Bitcoin mining. CEO Fred Thiel stated the action enhances financial flexibility and supports expansion into digital energy and AI/high-performance computing infrastructure.
MARA’s shares rose 12.6% in premarket trading following the announcement. The company now holds 38,689 Bitcoin on its balance sheet.
The sale aligns with broader industry trends. Bitdeer eliminated its entire Bitcoin treasury in February to focus on AI and cloud infrastructure. Canaan has invested in Texas mining sites to co-locate AI workloads with Bitcoin mining, leveraging shared energy capacity.