MARA Holdings Sells $1.1 Billion in Bitcoin to Repurchase Convertible Debt at Discount

Mar 26, 2026

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.

MARA's $1.1 Billion Bitcoin Sale and Debt Repurchase Strategy

▪MARA Holdings' Bitcoin sale represented 28% of the company's Bitcoin holdings.
▪MARA Holdings reduced its outstanding convertible debt by approximately 30% through the repurchase transaction.
▪MARA Holdings sold $413 million worth of Bitcoin in 2025.
▪MARA Holdings sold approximately 15,000 BTC for $1.1 billion on Thursday, March 26, 2026.
▪MARA Holdings saved approximately $88 million in value before transaction costs through the debt repurchase discount.
▪MARA Holdings repurchased convertible notes at a 9% discount to par value.

Financial Impact and Market Response to the Transaction

▪MARA Holdings' remaining 38,700 Bitcoin was worth $2.6 billion when Bitcoin traded around $69,000 on Thursday, March 26, 2026.
▪MARA Holdings' shares were 44% lower over the six months preceding March 26, 2026.
▪Bitcoin was trading around $69,000 on Thursday, March 26, 2026.
▪MARA Holdings' stock price increased more than 9% to $9 on Thursday, March 26, 2026.

Bitcoin Mining Industry's Pivot Toward AI Infrastructure

▪Bitcoin hash price stood at $33 per petahash/second per day on Thursday, March 26, 2026.
▪CoinShares projected on Wednesday, March 25, 2026, that Bitcoin miners could generate as much as 70% of revenues from AI by the end of 2026.
▪Cipher Mining rebranded to Cipher Digital in February 2026 with an AI focus.
▪Bitcoin mining profitability was $64 per petahash/second per day in July 2025.
▪Cango sold around 4,400 Bitcoin for $305 million in February 2026 to increase its odds of capitalizing on the AI boom.