MARA Holdings Sells $1.1B Bitcoin, Cuts 15% Staff to Fund AI Shift
MARA Holdings sold 15,133 BTC for $1.1 billion to reduce convertible debt by 30%, cutting it from $3.3 billion to $2.3 billion and trimming its Bitcoin holdings to 38,689 BTC. The company also laid off 15% of its 266-member workforce to repurpose one gigawatt of mining capacity and expand into AI infrastructure.
1. Bitcoin Sale and Debt Reduction
MARA sold 15,133 BTC between March 4 and March 25, generating $1.1 billion in proceeds. The company used the funds to cut its convertible debt by 30%, lowering it from $3.3 billion to $2.3 billion, and reduced its Bitcoin holdings to 38,689 BTC.
2. Workforce Restructuring
The company reduced its headcount by 15%, impacting roughly 40 of its 266 full-time employees across multiple departments. Affected staff will receive one month of paid leave, benefits through April 30, 13 weeks of severance and full payout for unused time off.
3. Strategic Pivot to AI Infrastructure
MARA struck a deal with Starwood to repurpose one gigawatt of its Bitcoin mining infrastructure for AI workloads and took a majority stake in Exaion to bolster high-performance computing services. The firm plans to leverage its 18 data centers across four continents and 1.9 GW of power capacity to drive stable, long-term AI revenue.