MARA Holdings Sells 15,133 BTC for $1.1 Billion to Buy Back Convertible Debt

MARA Holdings (NASDAQ: MARA) said it sold 15,133 Bitcoin (BTC) from March 4 to March 25, 2026, as part of a broader balance-sheet strategy. In a March 26 announcement, the company reported $1.1 billion in proceeds from the BTC sale. MARA said it used $912.8 million to enter privately negotiated repurchase agreements with select holders of its Convertible Senior Notes due 2030 and 2031. The company said it retired more than $1 billion of face-value debt at a discount, capturing about $88 million in value, with $187.2 million of sale proceeds left unused. Following the transaction, MARA's cumulative Bitcoin sales increased to 19,209 BTC. "By retiring over $1 billion of face value debt at a discount, we captured approximately $88 million in value that would otherwise have been lost, reduced potential shareholder dilution, and leveraged our bitcoin holdings to meaningfully delever the balance sheet on our terms," MARA said. MARA reported it still holds 38,689 BTC, valued at about $2.68 billion at the time of reporting. Shares rose more than 9% on Thursday to around $9.15. Bitcoin fell more than 3% over the past 24 hours to roughly $69,530. Despite the sale, MARA remains heavily exposed to Bitcoin, keeping a close link between its balance sheet and BTC price moves. Further weakness in Bitcoin in the coming weeks or months could pressure MARA shares as well.