MARA Holdings (MARA) surged 10% in premarket trading after selling 15,133 bitcoin-worth approximately $1.1 billion-for a strategic debt reduction.
The company used the proceeds to repurchase $1 billion of its zero-coupon convertible senior notes due 2030 and 2031 at roughly a 9% discount to par. The move reduces total convertible debt from $3.3 billion to $2.3 billion.
CEO Fred Thiel called the sale a “strategic capital allocation move” aimed at strengthening MARA’s balance sheet for long-term growth in AI and energy infrastructure. The transaction also lowers future shareholder dilution risk tied to note conversions.
Following the sale, MARA holds 38,689 BTC.