From March 4 to 25, bitcoin miner MARA Holdings sold 15,133 BTC for approximately $1.1 billion. The proceeds will be used to repurchase its own bonds.
According to a press release, the company has entered into private agreements for redemption with certain holders of zero-coupon convertible senior notes maturing in 2030 and 2031.
The buyback operations are expected to be completed by the end of March 2026. Through these transactions, MARA will save about $88.1 million. Additionally, they will help reduce "unredeemed debt and potential future capital dilution related to the conversion of bonds."
After the announced redemption round, the miner's total debt from securities will be approximately $2.3 billion.
"Our decision to sell part of our bitcoin assets reflects a strategic move in capital allocation aimed at strengthening our balance sheet and ensuring the company's long-term growth. […] This deal enhances financial flexibility and expands strategic opportunities as we move beyond mining into digital energy and AI infrastructure," said MARA CEO Fred Thiel.
Leadership Shuffle
Following the sale, MARA has moved to third place among public companies holding the largest amount of the first cryptocurrency. As of this writing, the miner's holdings are estimated at 38,689 BTC.
Source: BitcoinTreasuries.Treasury firm Twenty One Capital has risen to second place with 43,514 BTC. The top position remains with Strategy — 762,099 BTC.
In light of the bond buyback announcement, MARA's shares surged by 12% after the trading session opened.
Source: Yahoo Finance.Recall that in March, MARA released its financial report for the fourth quarter of 2025, showing a net loss of $1.7 billion compared to a profit of $528.3 million the previous year.