MARA Sells 15,133 Bitcoin to Cut Debt and Strengthen Its Balance Sheet

Highlights:

• MARA sold 15,133 Bitcoin this month to reduce debt and improve financial flexibility.
• The company is buying back $1 billion in convertible notes at discounted prices.
• The plan may cut MARA’s note debt by 30% and reduce dilution.

MARA Holdings sold 15,133 Bitcoin for about $1.1 billion as part of a major debt-reduction plan. The company completed the sales between 4 March and 25 March, according to an SEC filing and a statement released on 26 March. MARA said it will use most of the proceeds to buy back convertible notes, which should help strengthen its balance sheet. The company will keep the remaining funds for general corporate needs.

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MARA has signed private deals to buy back two large pieces of debt at lower prices. First, the company plans to repurchase about $367.5 million of its 2030 convertible senior notes for roughly $322.9 million.

Then, it plans to buy back about $633.4 million of its 2031 notes for around $589.9 million. Because both deals are below face value, MARA can reduce debt and save money at the same time. The company expects the 2030 note repurchase to close on 30 March, while the 2031 deal is set to close on 31 March, as long as normal closing conditions are met.

MARA made both deals at about 9% below face value. Because of that discount, the company expects to create about $88.1 million in value before costs. In simple words, MARA is clearing more debt than the cash it is spending. As a result, its balance sheet gets a quick boost.

Today, MARA announced the repurchase of ~$1B in convertible notes at a ~9% discount to par value.

~30% convertible debt reduction. ~$88M in value captured. Zero future dilution exposure on the retired notes.

Funded through BTC sales, not the ATM.

— MARA (@MARA) March 26, 2026

The move will also cut MARA’s convertible debt by a large amount. After the deals close, total outstanding notes should fall from about $3.298 billion to about $2.297 billion. That is a drop of around 30%. At the same time, the buybacks will reduce future dilution risk from note conversions. This matters because fewer new shares in the future can help protect current shareholders’ value.

CEO Reacts as MARA Dumps Over 15K BTC

MARA Holdings’ CEO Fried Thiel explained that selling part of the company’s BTC was part of a deliberate effort to improve the company’s financial position. He stated that by using BTC to pay down debt at discounted prices, the company was able to save money and reduce pressure on its balance sheet. He also noted that MARA is no longer focusing on only Bitcoin mining. The company plans to expand into energy and Artificial Intelligence (AI) infrastructure, such as high-performance computing. 

Fred Thiel, MARA’s chairman and chief executive officer, stated:

“This transaction enhances financial flexibility and increases strategic optionality as we expand beyond pure-play bitcoin mining into digital energy and AI/HPC infrastructure.” 

BTC’s Price Remains Below $70,000

At the time of press, Bitcoin is down 3.3% in the past 24 hours and trading at approximately $68,948. It has a market cap of roughly $1.38 trillion and a trading volume of $43.8 billion. In the past 7 days and 14 days, BTC has dropped by 0.7% and 2%, respectively. However, it gained 7.8% in the past month.

Overall, the size of Bitcoin sales by MARA holdings did not have a significant impact on the market, as demand was strong enough to absorb supply. Moreover, whales have continued to accumulate BTC. According to Lookonachain, a large investor with over $20 million in paper loss on his BTC holdings recently acquired an additional 100 BTC for $6.99 million. 

Whale bc1pvu bought another 100 $BTC($6.99M) 5 hours ago.

In the past 6 months, this whale has bought a total of 1,046 $BTC($72.78M) at an average price of $92,258, and is now down $23.72M.https://t.co/R0fN3jPBWS pic.twitter.com/YRfNZ4VtXr

— Lookonchain (@lookonchain) March 26, 2026

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