MARA Sells 15,133 Bitcoin for $1 Billion Debt Repurchase, Retains 15,627 BTC in Reserve

TLDR:

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• TLDR:

• MARA Captures $88 Million Discount on Convertible Note Repurchase

• MARA Moves Beyond Bitcoin Mining Into Digital Energy and AI

• MARA sold 15,133 BTC at ~$65,348 each, generating roughly $989M to fund its debt repurchase plan.

• The company captured $88.1M in savings by repurchasing convertible notes at a 9% discount to par.

• MARA reduced its total convertible debt by 30%, bringing the balance down to roughly $2.3 billion.

• After the BTC sale, MARA still holds 15,627 Bitcoin as long-term strategic reserves on its books.

MARA Holdings, Inc. sold 15,133 bitcoins to complete a $1 billion repurchase of its convertible senior notes. The Miami-based company executed the sales between March 4 and March 25, 2026.

Total proceeds reached approximately $1.1 billion, with the remainder reserved for general corporate purposes. The company, listed on NASDAQ under the symbol MARA, is the largest Bitcoin mining firm in the United States.

Following the deal, MARA retains approximately 15,627 bitcoins as long-term core reserves.

MARA Captures $88 Million Discount on Convertible Note Repurchase

The repurchase targets 0.00% convertible senior notes due in 2030 and 2031. MARA agreed to buy back $367.5 million in 2030 notes for roughly $322.9 million.

It also repurchased $633.4 million in 2031 notes for approximately $589.9 million. Closings are set for March 30 and 31, 2026, respectively.

The transactions capture roughly $88.1 million in cash savings before costs. This equals about a 9% discount to the notes’ par value.

Overall, MARA’s outstanding convertible debt will decrease by approximately 30%. The deal also cuts potential shareholder dilution from note conversion features.

MARA, the largest Bitcoin mining company in the United States, sold 15,133 bitcoins at an average price of approximately $65,348, generating total proceeds of approximately $989 million, to complete a $1 billion repurchase of 0.00% convertible senior notes due in 2030 and 2031.… pic.twitter.com/1R0Vvspee4

— Wu Blockchain (@WuBlockchain) March 26, 2026

After closing, $632.5 million of the 2030 Notes and $291.6 million of the 2031 Notes remain. MARA’s total convertible debt stood at around $3.3 billion before the deal. That balance is expected to fall to roughly $2.3 billion. Other outstanding note series remain unchanged.

CEO Fred Thiel addressed the decision in a statement. “By retiring over $1 billion of face value debt at a discount, we captured $88 million in value,” Thiel stated.

He added the move reduces shareholder dilution and deleverages the balance sheet. J. Wood Capital Advisors and Paul, Weiss served as financial and legal advisors.

MARA Moves Beyond Bitcoin Mining Into Digital Energy and AI

The 15,133 bitcoins sold averaged approximately $65,348 per coin, generating roughly $989 million. Those funds were directed primarily toward financing the note repurchases.

Remaining proceeds will support general corporate purposes. MARA completed the sales without raising new equity or taking on additional debt.

MARA stated that it is now expanding beyond pure-play bitcoin mining. Digital energy and AI/HPC infrastructure are named as primary growth targets.

This reflects a capital allocation strategy aimed at long-term diversification. New revenue streams from these areas could reduce the company’s dependence on mining income.

Using bitcoin holdings to fund debt reduction allowed MARA to act on its own terms. The company still holds approximately 15,627 bitcoins as a strategic reserve.

That position gives MARA room to respond to future market opportunities. Retaining a strong reserve remains part of the company’s long-term plan.

Thiel said the transaction’s position at MARA, as well as it builds into new infrastructure areas. He noted the deal strengthens financial standing and expands strategic options.

Remaining convertible obligations total roughly $2.3 billion after the repurchases. MARA continues to manage its capital structure with efficiency and long-term growth in mind.

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