MARA Holdings, the largest publicly listed Bitcoin miner in the United States, sold more than $1.1 billion worth of Bitcoin during March to fund the repurchase of a significant portion of its convertible debt. The company disclosed the transactions in a filing with the US Securities and Exchange Commission on Thursday. The move is designed to reduce financial leverage and improve balance sheet flexibility.
Between March 4 and March 25, MARA sold 15,133 BTC to raise approximately $1.1 billion in cash. Those proceeds were used to buy back around $1 billion in zero-coupon convertible notes maturing in 2030 and 2031 for roughly $913 million, generating approximately $88 million in savings. That represents a discount of close to 9% relative to the notes’ face value.
Once the transactions close at the end of the month, MARA’s total outstanding convertible debt is expected to fall by about 30%, bringing it to approximately $2.3 billion. According to data from Bitcointreasuries.net, the company now holds 38,689 BTC on its public balance sheet following the sales. The reduction in debt is intended to give the company greater room to maneuver as it pursues a broader strategic agenda.
Fred Thiel, MARA’s chairman and chief executive officer, said in a statement that the transaction enhanced the company’s financial flexibility and increased its strategic optionality. He noted that MARA is expanding beyond its core Bitcoin mining operations into digital energy and artificial intelligence and high-performance computing infrastructure. The company recently agreed to acquire a majority stake in Exaion‘s AI-focused data centers as part of that shift.
MARA’s premarket share price responded positively to the announcement, climbing from the prior session’s close of $8.25 to $9.29, a rise of roughly 12.6%. At the time of the report, shares were trading at $8.74, up approximately 5.56%, according to Yahoo Finance. The market reaction suggests investors viewed the debt reduction favorably despite the large Bitcoin sale.
The announcement comes after MARA reported a $1.7 billion net loss in the fourth quarter of 2025, a figure driven largely by non-cash fair-value adjustments on its Bitcoin holdings. At that time, the company pushed back against speculation that it was quietly reducing its BTC position, maintaining that it continued to treat Bitcoin as a strategic treasury asset while actively managing its finances. The latest sales represent a more deliberate and publicly disclosed shift in that approach.
MARA’s strategy reflects a wider trend among cryptocurrency miners seeking more stable and diversified revenue streams. Bitdeer sold its entire Bitcoin treasury down to zero in February as it pivots toward cloud and AI compute services, while Canaan has invested in mining sites in Texas designed to support both Bitcoin mining and AI workloads from shared energy infrastructure. The convergence of crypto mining and high-performance computing is reshaping how companies in the sector allocate capital and energy resources.
Originally reported by CoinTelegraph.
