MARA Holdings Sells $1.1B Bitcoin to Fund $912M Bond Buyback and AI Pivot
MARA Holdings sold 15,133 Bitcoin for $1.1 billion to strengthen its balance sheet and repurchase $912 million of zero-coupon bonds at a 9% discount. The move leaves it holding 38,689 Bitcoin worth $2.3 billion and supports its strategic shift into digital energy and AI/HPC infrastructure.
1. Bitcoin Sale and Remaining Holdings
MARA Holdings sold 15,133 Bitcoin from March 4 to 25 for gross proceeds of $1.1 billion, reducing its treasury to 38,689 coins valued at approximately $2.3 billion.
2. Bond Repurchase Details
The company used proceeds to repurchase $912 million of zero-interest convertible notes due in 2030 and 2031 at a 9% discount to face value, capturing around $88 million of value through the transaction.
3. Strategic Shift into AI and Digital Energy
Citing unprofitable mining after the 2024 Bitcoin halving, MARA is reallocating capital to expand beyond Bitcoin mining into digital energy projects and high-performance computing infrastructure for AI applications.