MARA Sells 15,133 BTC for $1.1B to Cut Convertible Debt by 30%
MARA sold 15,133 BTC between March 4 and March 25 for about $1.1 billion, reducing its holdings to 38,689 BTC from 53,822 at year-start. The company used proceeds to repurchase $1 billion of convertible senior notes due 2030 and 2031, cutting convertible debt by 30%.
1. Bitcoin Sell-Off and Holdings
Between March 4 and March 25, MARA sold 15,133 BTC for approximately $1.1 billion, trimming its balance from 53,822 BTC at the start of the year to 38,689 BTC. This marks one of the largest single-quarter reductions in the company’s crypto treasury since its listing.
2. Convertible Note Repurchase and Debt Reduction
MARA allocated the sale proceeds to repurchase $1 billion of convertible senior notes maturing in 2030 and 2031, reducing its outstanding convertible debt by roughly 30%. The move alleviates interest obligations and extends debt maturities, bolstering its balance sheet profile.
3. Strategic and Financial Impact
The sale follows a $1.7 billion net loss in Q4 2025, including a $1.5 billion digital asset write-down, and aligns with MARA’s shift toward AI infrastructure and data center investments. Management cites balance sheet management as the rationale for paring bitcoin ahead of deploying capital into higher-growth initiatives.