MARA Cuts Convertible Debt by 30% with $1.1B Bitcoin Sale
MARA sold 15,133 BTC for $1.1 billion between March 4 and March 25 to fund a debt restructuring. It repurchased $1.0 billion of 0% convertible notes and $1.0 billion of 2030/2031 notes at about 9% discounts, cutting total convertible debt by 30% and adding $88 million in value.
1. Bitcoin Sale for Debt Funding
Between March 4 and March 25, MARA disposed of 15,133 BTC for approximately $1.1 billion to generate liquidity for its debt restructuring plan. This institutional sale reflects a strategic allocation to shore up the company’s financial position as Bitcoin trades near $70,000.
2. Convertible Note Repurchase Details
Proceeds were used to repurchase $1.0 billion of 0.00% convertible senior notes, $367.5 million of 2030 notes for $322.9 million, and $633.4 million of 2031 notes for $589.9 million. Acquisitions at roughly 9% below par generated an estimated $88.1 million of immediate balance sheet value.
3. Strengthened Balance Sheet and Reduced Dilution
The note repurchases slash MARA’s total convertible debt from about $3.3 billion to $2.3 billion—a 30% reduction—while lowering future shareholder dilution risk tied to note conversions. Management highlights this move as positioning the company for long-term growth by improving leverage metrics.