MARA Holdings raises $1.B from BTC sale to cover outstanding debt

MARA Holdings announced the sale of 15,133 BTC from its treasury to retire some of its debt maturing in the coming years. The firm warned of upcoming sales, but announced the size of selling for the first time. 

MARA Holdings, one of the bigger treasury holders, announced the sale of 15,133 BTC to cover previous outstanding debt notes. 

The company entered a private repurchase agreement with some of its holders to retire its 0.00% Convertible Senior Notes due 2030, as well as Convertible Senior Notes due 2031. As Cryptopolitan reported earlier, MARA Holdings already announced its readiness to sell some of its BTC to improve its balance sheet.

The company will reduce its overall outstanding debt and avoid eventual future dilution upon the conversion of the Notes. MARA expects cash savings of $88.1M. The holding will reduce its outstanding convertible debt by approximately 30%.

Following the news, MARA’s common stock expanded to $9.10, trading near its higher range for the past month.

After the repurchase, MARA will still carry $632.5M in principal for the 2030 note and $291.6M from the 2031 note. 

MARA Holdings BTC sale valued at $1.1B

MARA Holdings completed the sale of 15,133 BTC between March 4 and March 25, for an aggregate price of $1.1B. 

The change is not yet reflected in the company’s treasury records. Before the sale, MARA Holdings carried 53,822 BTC accrued from mining, at an unknown average price. Part of the funds will go toward repurchasing the notes, while the remainder will be used for general corporate purposes.

“Our decision to sell a portion of our bitcoin holdings reflects a strategic capital allocation move designed to strengthen our balance sheet and position the company for long-term growth. This transaction enhances financial flexibility and increases strategic optionality as we expand beyond pure-play bitcoin mining into digital energy and AI/HPC infrastructure,” said Fred Thiel, MARA’s chairman and chief executive officer.

After partially retiring the loans, MARA Holdings will retain $2.29B in debt, down from $3.29B at the end of 2025.

MARA Holdings sells as treasury companies stop all new buying

MARA Holdings is not a playbook company, although it was one of the first to buy additional BTC alongside Strategy. 

MARA used a mixed approach of retaining BTC from mining, in addition to using debt to add more BTC. The holding was also signaling readiness for long-term holding. The recent shift to selling coincided with a period where Strategy remains the only playbook buyer with regular BTC purchases. 

MARA Holdings remains the sixth-largest BTC pool, with over 66 EH/s in total capacity. MARA Holdings produces around 4% of daily BTC blocks and retains the rewards for itself, gradually rebuilding its treasury.

The company retains around 12.63K BTC in its mining wallet, with other reserves held in unannounced wallets.

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