Largest U.S. Bitcoin miner offloads roughly a quarter of its treasury to buy back $1 billion in zero-coupon notes at a 9% discount, dropping to third among corporate BTC holders.
MARA Holdings, the largest publicly traded Bitcoin miner in the U.S., sold 15,133 BTC for approximately $1.1 billion between March 4 and March 25, deploying the proceeds to retire roughly $1 billion in convertible debt, the company said Thursday.
The transactions represent one of the single largest BTC liquidations by a public miner and mark a decisive break from the accumulation-first playbook MARA pursued through much of 2024 and 2025, when it raised billions through zero-coupon convertible note offerings specifically to buy more Bitcoin.
Debt Slashed by 30%
MARA entered into privately negotiated agreements with noteholders to repurchase approximately $367.5 million of its 0.00% convertible senior notes due 2030 and $633.4 million of its 2031 notes, according to a press release. It paid roughly $322.9 million and $589.9 million, respectively — an average discount of about 9% to par — capturing approximately $88 million in cash savings.
The buyback cuts MARA’s total convertible note obligations from roughly $3.3 billion to $2.3 billion, according to the company’s disclosure.
The sale follows a policy change MARA disclosed in its 10-K filing with the SEC earlier this month, formally authorizing the sale of BTC held on its balance sheet — not just newly mined coins. In the second half of 2025, the company had already begun selling a portion of production to cover rising operating costs amid post-halving margin compression.
“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,” Chairman and CEO Fred Thiel said in the announcement.
The shift is stark. Just a few months ago, MARA was among the most aggressive corporate BTC accumulators, alongside Strategy (formerly MicroStrategy), using convertible debt issuances to expand its holdings to over 50,000 BTC.
Following the sale, its stash sits at 38,689 BTC, worth approximately $2.7 billion at current prices, according to BitcoinTreasuries data. The drawdown pushes MARA to third among corporate Bitcoin holders, behind Twenty One Capital, which holds 43,514 BTC. Strategy remains far ahead with more than 762,000 BTC and is still buying.
AI Pivot
Thiel framed the deleveraging as a prerequisite for MARA’s broader strategic pivot into digital energy and AI/high-performance computing infrastructure. In February, the company announced a joint venture with Starwood Capital targeting 2.5 GW of AI and HPC data center capacity, and last year agreed to acquire a 64% stake in Exaion, a high-performance computing subsidiary of French energy giant EDF.
The company said it plans to continue selling Bitcoin “from time to time” as part of its 2026 capital and liquidity strategy.
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