MARA Holdings, a Nasdaq-listed Bitcoin miner moving into digital energy and artificial intelligence infrastructure, on Thursday disclosed that it sold 15,133 Bitcoin for roughly $1.1 Billion over three weeks this month to fund the repurchase of its 2030 and 2031 convertible notes.
The move reduces outstanding debt by about 30%, captures an estimated $88 million in value, and strengthens the company’s balance sheet while limiting potential shareholder dilution.
Fred Thiel, MARA’s chairman, explained that the decision to sell some Bitcoin reflects a capital allocation strategy designed to reduce debt and preserve shareholder value, while providing the company with more optionality as it broadens its focus beyond pure-play Bitcoin mining.
cryptobriefing.com