MARA Trims Workforce 15% and Sells $1.1B of Bitcoin to Finance Shift Toward AI

MARA Holdings (MARA) has reduced its headcount by about 15% and sold more than 15,000 Bitcoin (BTC) for roughly $1.1 billion, part of a broader strategy to move beyond Bitcoin mining and into AI and energy infrastructure. CEO Fred Thiel confirmed the layoffs in an internal memo, calling the cuts "a strategic one" tied to the company's new direction following partnerships with Starwood Digital Ventures and Exaion. People familiar with the matter said the reductions rolled through multiple departments in waves in early April. MARA reported 266 full-time employees as of December 31, 2025, according to its Form 10-K. A 15% reduction implies about 40 roles. Impacted employees received one month of paid leave through April 30, plus 13 weeks of severance. Separately, MARA said it sold 15,133 BTC between March 4 and March 25 for approximately $1.1 billion. The proceeds were used to repurchase 0.00% convertible senior notes due in 2030 and 2031 at about a 9% discount to par. The transaction reduced outstanding convertible debt by about 30%, to $2.3 billion from $3.3 billion, and cut BTC holdings by 28%, to 38,689 BTC from about 53,822 BTC. The company indicated additional Bitcoin sales may follow, stating it plans to sell BTC "from time to time" throughout 2026 to support operations and corporate initiatives. The restructuring follows a net loss of about $1.3 billion in 2025, as post-halving economics squeezed mining margins across the sector. MARA now operates 18 data centers across four continents with around 1.9 GW of capacity, positioning the platform for AI and high-performance computing (HPC) workloads alongside Bitcoin mining.