MARA Holdings, a leading U.S. Bitcoin mining firm, announced a $1.1 billion sale of approximately 15,000 Bitcoin on Thursday. This move, which represents 28% of MARA's Bitcoin holdings, is aimed at repurchasing a portion of its convertible debt at a 9% discount to par value, saving the company around $88 million. The sale leaves MARA with about 38,700 Bitcoin, valued at $2.6 billion based on Bitcoin's current price of $69,000.
CEO Fred Thiel stated that the transaction enhances financial flexibility and increases strategic optionality, particularly as MARA explores opportunities in artificial intelligence. MARA's stock price surged over 9% following the announcement, despite a 44% decline over the past six months.
Earlier this month, MARA hinted at further Bitcoin sales as it repositions itself as a 'vertically integrated digital infrastructure company.' The firm sold $413 million worth of Bitcoin last year. Other miners, like Cango and Bitfarms (now Keel), have also pivoted towards AI to capitalize on the growing demand for high-powered data centers.
According to a CoinShares report, Bitcoin miners could generate up to 70% of their revenues from AI by year-end, driven by declining mining margins and the higher profitability of AI infrastructure.