MARA Holdings Sells Over $1B BTC, Buys Back Outstanding Debt

MARA Holdings, Inc. (NASDAQ: MARA) has sold 15,133 BTC to repurchase $1B of 0% interest convertible notes, due in 2030 and 2031.

What's the Scoop?

• Bond Buyback: MARA announced today via press release that it has "entered into privately negotiated repurchase agreements" to repurchase a portion of its outstanding 0% interest rate convertible bonds due in 2030 and 2031 for $912M, valued at a 9% discount to face value.
• Cash Crunch: To make the repurchase possible, between March 4 and March 25, MARA sold 15,133 BTC for gross proceeds of approximately $1.1B. MARA's press release states that these proceeds will be primarily used to fund the repurchase of its convertible bonds.
• Issuance History: MARA fully embraced leverage in its transition from BTC miner into strategic asset accumulator, issuing cheap debt to fund BTC buys. These partially repurchased 2030 and 2031 0% interest convertible notes were respectively issued in November and December of 2024.
• Strategy Change: MARA appears to have at least partially lost faith in its DAT strategy, with Chairman Fred Thiel claiming the transaction "enhances financial flexibility and increases strategic optionality as we expand beyond pure-play bitcoin mining into digital energy and AI/HPC infrastructure."

What's the Take?

While it's possible for digital asset treasury companies to refinance their debt with more debt – Michael Saylor's Strategy redeemed more than $1B of debt without selling BTC in January 2025 – MARA Holdings opted for a different route.

MARA frames its repurchase of the zero-interest debt as a savvy move to capture $88M in value, yet funding the buyback via BTC suggests wavering confidence in its digital asset treasury strategy. That same “value” could have been captured on the sold coins alone via a $5.7k increase in BTC price.