Miami-based Bitcoin miner MARA Holdings sold 15,133 BTC for approximately $1.1 billion between March 4-26, 2026, representing 28% of its holdings, to repurchase $1 billion in zero-coupon convertible notes at a 9% discount. The transaction reduced MARA's convertible debt by roughly 30% and saved approximately $88 million before transaction costs, while CEO Fred Thiel emphasized it eliminates future shareholder dilution. The move comes as Bitcoin mining profitability has fallen nearly 50% from $64 to $33 per petahash/second per day since July 2025, prompting MARA and competitors like Bitfarms and Cipher Mining to rebrand and pivot toward AI infrastructure. CoinShares projects Bitcoin miners could generate up to 70% of revenues from AI by end of 2026, reflecting the industry's strategic shift amid declining mining economics.
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