MARA Sells 15K BTC for $1.1B to Cut Convertible Debt

MARA Holdings made significant moves to reduce its convertible debt by selling 15,133 Bitcoin for approximately $1.1 billion between March 4 and March 25.

The company used the proceeds from the sale to retire a large portion of its convertible notes at a discount, repurchasing $367.5 million in principal of its 0.00% convertible notes due 2030 for $322.9 million and $633.4 million in principal of its 0.00% convertible notes due 2031 for $589.9 million.

The transactions cut MARA's total convertible debt by about 30%, reducing the outstanding convertible notes from approximately $3.3 billion to $2.3 billion, and lowering the risk of future shareholder dilution from debt conversions.

MARA's CEO Fred Thiel described the move as a deliberate capital allocation decision aimed at strengthening the company's balance sheet and positioning it for long-term growth.