MARA, the publicly traded Bitcoin mining company, has confirmed a workforce reduction of approximately 15%, affecting full-time employees across multiple departments. The cuts may also extend to contractors working with the firm. The announcement follows an initial report by Blockspace Media, which cited sources close to the matter. MARA confirmed the layoffs directly to Decrypt.
In a statement, a company spokesperson described the decision as part of a broader strategic transformation. “MARA remains focused on executing our strategic evolution from a pure-play Bitcoin miner into an energy and digital infrastructure company,” the spokesperson said. The company characterized the reductions as difficult but necessary to align its workforce with its new direction. Resources are being redirected to support the company’s expanded focus.
According to an internal memo reviewed by Blockspace, CEO Fred Thiel emphasized that the move was not purely financial in nature. “It’s a strategic one,” Thiel reportedly wrote, adding that the shape of the team must change alongside the company’s evolving direction. He pointed to recent announcements involving new partnerships as evidence of that shift. The restructuring is intended to position MARA for its next phase of growth.
Thiel’s comments referenced the company’s partnerships with Starwood Digital Ventures, a data center development platform, and Exaion, a European firm that develops and operates data centers. These moves signal MARA’s pivot toward supporting artificial intelligence compute and high-performance computing infrastructure. The company joins a broader trend among Bitcoin miners broadening their business models beyond cryptocurrency operations. MARA recently sold approximately 15,000 BTC, valued at more than $1.1 billion, using the proceeds to repurchase convertible debt and strengthen its balance sheet.
That sale followed a strategic decision permitting MARA to sell Bitcoin held on its balance sheet, not solely coins mined through its operations. Other miners have pursued similar strategies. Rival firm Riot Platforms sold around $250 million in BTC during the first quarter, after generating approximately $200 million from sales in the prior quarter. Cango also parted with more than $300 million in BTC earlier this year as it similarly pivots toward AI.
MARA’s shares closed Thursday up more than 8%, trading at $8.71. Despite the single-day gain, the stock has declined more than 53% over the past six months. That slide mirrors a broader downturn in Bitcoin, which has fallen nearly 47% from its all-time high of $126,080 to trade around $67,000.
MARA is not alone among crypto and technology firms reducing headcount in recent months. Block, the Bitcoin-aligned payments company led by Jack Dorsey, cut more than 4,000 jobs in February. Other firms that have made recent reductions include Gemini, Crypto.com, the Algorand Foundation, and OP Labs. In some cases, including Block and Gemini, companies cited growing reliance on artificial intelligence tools as a factor enabling them to operate with fewer employees.
Originally reported by Decrypt.
