MARA Miner Sells 15,133 BTC for $1.1 Billion

MARA Holdings, a prominent bitcoin miner, has sold 15,133 BTC between March 4 and March 25, generating around $1.1 billion. The proceeds from this sale are earmarked for repurchasing its own convertible senior notes maturing in 2030 and 2031.

The company announced that it has made private arrangements with specific note holders for the redemption process. This buyback is projected to conclude by March 2026, resulting in estimated savings of $88.1 million. The action is intended to reduce unredeemed debt and mitigate potential future capital dilution from bond conversions.

Post-redemption, MARA's total debt from securities will amount to approximately $2.3 billion. CEO Fred Thiel emphasized that this strategic sale is part of a broader effort to enhance the company’s financial stability and foster long-term growth, particularly as MARA aims to diversify into digital energy and artificial intelligence infrastructure.

Shifting Market Position

Following the sale, MARA has moved into third place among publicly traded companies in terms of bitcoin holdings, now owning an estimated 38,689 BTC. This positions them behind Twenty One Capital, which holds 43,514 BTC, while the leading holder remains Strategy with 762,099 BTC.

The announcement of the bond buyback has positively impacted MARA's stock, which saw a 12% increase in value shortly after trading began. This comes on the heels of the company reporting a significant net loss of $1.7 billion for the fourth quarter of 2025, a stark contrast to a profit of $528.3 million from the previous year.