MARA Sells 15,133 BTC to Fund $1B Convertible Note Buyback

MARA Holdings, Inc., one of the best-known Bitcoin miners, has sold a portion of its Bitcoin treasury to repurchase outstanding convertible debt, citing efforts to strengthen its balance sheet, reduce leverage, and improve long-term financial flexibility. The company said it sold 15,133 BTC during March, generating about $1.1 billion in proceeds. MARA reported the sales occurred between March 4 and March 26, 2026. Most of the proceeds were used to repurchase nearly $1 billion of senior convertible notes due in 2030 and 2031, with the buyback program expected to close by March 31, 2026. Remaining funds were earmarked for general corporate purposes. CEO Fred Thiel called the $1 billion repurchase a strategic capital allocation move. MARA said it reached private agreements with noteholders, allowing it to buy back the debt at a discount and realize roughly $88 million in savings. The company added that the transaction reduces its convertible debt exposure by about 30%, lowering leverage and mitigating potential shareholder dilution tied to conversion features. Thiel also framed the move as part of a broader shift beyond pure Bitcoin mining, as MARA positions itself in digital energy and AI/high-performance computing (HPC). A stronger balance sheet, the company said, supports flexibility for capital-intensive investments. The sale follows a recent U.S. SEC filing in which MARA updated its policy to permit sales of its Bitcoin holdings. While that update initially raised concerns about a potential liquidation, MARA later said it had no immediate plans to sell. As of March 3, MARA held about 53,822 BTC, ranking second among corporate Bitcoin holders. After selling more than 15,000 BTC between March 4 and March 25, it has moved to third place. Twenty One Capital now holds 43,514 BTC, while MARA held 38,689 BTC at the time of publication. Disclosure: This material is for informational purposes only and does not constitute financial advice. Opinions referenced may be those of the author and do not necessarily reflect the views of The Crypto Basic. Readers should conduct their own research before making investment decisions. The Crypto Basic is not responsible for any financial losses.