MARA Holdings bought greater than $1 billion value of bitcoin in March to repurchase convertible debt at a reduction, utilizing its BTC holdings to scale back leverage, the corporate disclosed Thursday in an SEC submitting.
The debt buyback
The most important listed U.S. bitcoin miner stated it will purchase again about $1 billion of zero-coupon convertible notes due 2030 and 2031 for roughly $913 million in money, capturing about $88 million in financial savings — near a 9% low cost to par.
MARA bought 15,133 BTC for round $1.1 billion between March 4 and March 25 to fund the transactions.
As soon as the offers shut on the finish of the month, the corporate’s excellent convertible debt will fall by about 30% to roughly $2.3 billion.
Present holdings
MARA now holds 38,689 BTC on its public steadiness sheet, in response to Bitcoin Treasuries — you may observe public bitcoin mining firm holdings for context on how MARA compares to friends.
CEO Fred Thiel stated the transaction enhanced the corporate’s “monetary flexibility” and elevated its “strategic optionality” as MARA expands past pure-play bitcoin mining into digital vitality and AI/HPC infrastructure.
MARA’s premarket share worth rose about 12.6% on the information earlier than settling to round +5.56% on the time of writing.
Miners pivot away from bitcoin
The transfer follows a $1.7 billion web loss in This fall 2025, pushed largely by non-cash fair-value changes on MARA’s bitcoin holdings.
MARA is a part of a broader shift amongst crypto miners in search of extra steady income streams, redeploying vitality and infrastructure towards synthetic intelligence and high-performance computing.
The corporate lately agreed to amass a majority stake in Exaion’s AI-focused knowledge facilities.
Bitdeer bought down its bitcoin treasury to zero in February because it pivots towards cloud and AI compute, whereas Canaan has invested in U.S. mining websites in Texas to run each bitcoin mining and AI workloads from the identical energy-intensive amenities.
This pattern comes as miners face ongoing stress from the block subsidy halving and a difficult mining problem setting, pushing many operators to diversify income.