MARA Sells Bitcoin to Fund Convertible Debt Buyback

MARA Holdings, a major U.S. Bitcoin miner, has long retained mined Bitcoin on its balance sheet. The company sold part of its holdings to repurchase convertible debt at a discount, reducing its debt and the risk of future equity dilution from conversions while preserving financial flexibility for new businesses such as AI and energy infrastructure.

MARA Holdings sold 15,133 Bitcoin between March 4 and March 25, raising about $1.1 billion. It used the proceeds to repurchase about $1 billion in face value of convertible corporate debt due in 2030 and 2031 at a discount of about 9%. The company said the transactions would improve liquidity and reduce its overall debt burden.