What to know : MARA Holdings (MARA) repurchased approximately $1.0 billion of convertible notes at about a 9% discount, capturing roughly $88 million in value, according to the company. The sale of 15,133 bitcoin funded the transaction, with remaining proceeds expected to enhance liquidity and support broader strategic initiatives. MARA shares were higher by 10% in premarket trading on Thursday.
MARA Holdings (MARA) sold 15,133 bitcoin for approximately $1.1 billion between March 4 and March 25 to fund a major balance sheet overhaul.
The company is using the proceeds to repurchase roughly $1.0 billion of its 0.00% convertible senior notes due 2030 and 2031 at a discount.
In total, MARA will buy back $367.5 million of its 2030 notes for $322.9 million and $633.4 million of its 2031 notes for $589.9 million. The discounted purchases, about 9% below par, will generate approximately $88.1 million in value, said the company.
MARA was higher by 10% in premarket trading.
Beyond the immediate savings, the transaction materially reshapes MARA’s capital structure. The repurchases will reduce its convertible debt by around 30%, cutting total outstanding convertible notes from about $3.3 billion to $2.3 billion. This also reduces the risk of future shareholder dilution associated with conversions.
“Our decision to sell a portion of our bitcoin holdings reflects a strategic capital allocation move designed to strengthen our balance sheet and position the company for long-term growth," said CEO Fred Thiel.
MARA now holds 38,689 BTC following the sale.
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