MARA Holdings, one of the largest Bitcoin mining companies in the United States, announced Thursday that it sold approximately 15,000 BTC for $1.1 billion. The proceeds were used to repurchase a portion of its convertible debt, a move the company described as improving its overall financial position. The sale represents 28% of MARA’s total Bitcoin holdings, leaving the Miami-based firm with around 38,700 Bitcoin remaining. At a price of roughly $69,000 per coin on Thursday, that remaining balance was valued at approximately $2.6 billion, according to CoinGecko.
MARA reached agreements with certain holders of its convertible notes to repurchase the debt at a 9% discount to par value. According to a company press release, this translates to roughly $88 million in value captured before transaction costs. The repurchase also reduces outstanding convertible debt by approximately 30%. Convertible note holders typically have the option to redeem debt for company shares if the stock price surpasses a set threshold, a structure that can lead to shareholder dilution if left unaddressed.
Chair and CEO Fred Thiel framed the decision as a strategic capital allocation, noting that retiring the convertible notes reduces future costs and limits the potential for shareholder dilution. He said the company is effectively deleveraging its balance sheet. Thiel added that the transaction enhances financial flexibility and expands strategic options, particularly as MARA pursues opportunities in artificial intelligence infrastructure.
Investors responded positively to the announcement. MARA’s stock climbed more than 9% to $9 on Thursday, according to Yahoo Finance, even as shares remained 44% lower over the prior six months. The rebound came amid broader pressure on Bitcoin mining margins following the asset’s retreat from all-time highs. The company’s move to reduce debt was seen as a constructive step given the challenging operating environment.
Earlier in March, MARA had already signaled that additional Bitcoin sales were possible as it repositions itself as a vertically integrated digital infrastructure company. The firm disclosed at that time that it had sold $413 million worth of Bitcoin during the previous year. MARA is currently the third-largest corporate holder of Bitcoin, and its latest transaction reflects a broader trend among miners shifting focus toward high-powered data centers serving technology companies.
Other Bitcoin miners have made similar moves in recent weeks. Cango sold around 4,400 Bitcoin for $305 million last month to strengthen its position in the AI sector. Around the same time, Bitfarms rebranded to Keel, citing a renewed focus on AI as a new chapter for the company, while Cipher Digital rebranded from Cipher Mining along comparable lines. These shifts reflect a wider industry pivot driven by financial pressures in traditional mining operations.
A report published Wednesday by crypto asset manager CoinShares projected that Bitcoin miners could derive as much as 70% of their revenues from AI by year-end. Research head James Butterfill pointed to a decline in Bitcoin hash price, a measure of mining profitability, which stood at $33 per petahash per second per day on Thursday, compared to $64 per petahash per second per day in July, according to Hashrate Index. Butterfill noted that hash prices remain near cyclical lows, compressing mining margins, while AI infrastructure offers structurally higher and more stable returns.
Originally reported by Decrypt.
