MARA, the Nasdaq-listed Bitcoin miner is expanding into digital power once again
AI Infrastructure, announced the restructuring of the balance sheet on Thursday.
The company said it sold 15,133 Bitcoins for about $1.1 billion between March 4 and March 25 to fund the repurchase of its 0.00% senior notes due 2030 and 2031.
The company will repurchase $367.5 million of its 2030 notes for $322.9 million and $633.4 million of its 2031 notes for $589.9 million.
The purchase is expected to be an approximately 9% discount on price and is expected to generate approximately $88.1 million in cost savings. The transaction is scheduled to close on March 30 and March 31, pending customary conditions.
After the repurchase, MARA’s convertible debt will decrease by about 30%, reducing the convertible notes from $3.3 billion to $2.3 billion.
This move also limits the dilution of potential future shareholders tied to the note conversion feature. After the repurchase, $632.5 million of the 2030 notes and $291.6 million of the 2031 notes will remain outstanding.
The company has made it clear that it is focused on artificial intelligence and high-performance computing.
MARA shares rose 6% in premarket trading after the announcement.
MARA CEO: Selling bitcoin strengthens our balance sheet
CEO Fred Thiel described the transaction as part of a broader capital allocation strategy.
“Our decision to sell a portion of our Bitcoin holdings reflects a strategic move designed to strengthen our balance sheet and position the company for long-term growth,” Thiel said.
He added that the buyback preserves shareholder value and gives the company greater financial flexibility as it expands beyond Bitcoin mining into digital power and AI/HPC infrastructure.
The company intends to use the remaining proceeds from the sale of Bitcoin to support general business purposes. MARA’s current Bitcoin Holdings now total 38,689 BTC, down from 53,822 BTC at the end of February.
At current market prices, the holding is worth an estimated $2.7 billion. The review places MARA behind only Twenty One Capital in terms of corporate Bitcoin Holdings.
MARA’s principal amount prior to the transaction consisted of $1.0 billion in 2030 notes and $925 million in 2031 notes. After the repurchase, the principal amounts will be $632.5 million and $291.6 million, respectively.
Other convertible notes remain unchanged, including $48.1 million of 1.0% notes due 2026, $300 million of 2.125% notes due 2031, and $1.025 billion of 0.0% notes due 2032.
J. Wood Capital Advisors LLC acted as financial advisor, while Paul, Weiss, Rifkind, Wharton & Garrison LLP provided legal counsel.
MARA develops technologies that use more energy to power more efficient computing applications and accelerate the deployment of digital infrastructure. The company said it plans to sell Bitcoin “from time to time” as part of its 2026 capital and liquidity strategy.
Editorial disclaimer: We use AI as part of our editorial workflow, including supporting research, image production, and quality assurance processes. All content is moderated, reviewed, and approved by our editorial team, which is responsible for accuracy and integrity. AI generated images only use tools that are properly licensed equipment. In Bitcoin, as in the media: Don’t trust. Confirm.
