Bitcoin Miner Marathon Digital (MARA) has sold over 15,000 of its Bitcoin stash, worth over $1 billion at current rates. The firm sold 15,133 Bitcoin between March 4 and March 25, raising roughly $1.1 billion in a massive BTC liquidation. The company disclosed the sale in an SEC filing and plans to use most of the proceeds to repurchase around $1 billion in convertible senior notes due in 2030 and 2031. The move helps MARA reduce its current debt load by about 30%.
Per a press release from Marathon Digital, the notes repurchase transactions are expected to capture approximately $88.1 million in value through cash savings before transaction costs for the Company. This represents an approximate discount of 9% to par value. Additionally, the sale will reduce outstanding indebtedness and potential future dilution associated with the conversion feature of the Notes.
Marathon Digital Cuts its Losses on BTC, Crypto
“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 Fred Thiel, MARA’s chairman and chief executive officer. “By retiring over $1 billion of face value debt at a discount, we captured approximately $88 million in value that would otherwise have been lost, reduced potential shareholder dilution, and leveraged our bitcoin holdings to meaningfully de-lever the balance sheet on our terms. This transaction enhances financial flexibility and increases strategic optionality as we expand beyond pure-play bitcoin mining into digital energy and AI/HPC infrastructure.”
Bitcoin has had a tumultuous start to 2026, with its price crashing over 20% YTD. In the latter months of 2026, the crypto market saw substantial loss, with a rough global economy bringing a bear crypto market. While there are optimists who still forecast a rebound in 2026, MARA Holdings appears ready to cut its losses to help get rid of lingering debt. The company posted a net loss of $1.71 billion for Q4 2025, compared with net income of $528.3 million during the same period a year earlier. This was headlined by a $1.5B loss due to its BTC and other crypto holdings.
Also Read: BlackRock Sells $70 Million Bitcoin ETF, $33 Million Ethereum ETF
Furthermore, Marathon Digital has made it clear that it is pivoting away from Bitcoin and toward AI and high-performance computing. Indeed, MARA outlined a strategic pivot aimed at transforming the firm from a pure-play Bitcoin miner into an energy and digital infrastructure company in its latest earnings report. The company announced a joint venture with Starwood Digital Ventures to develop AI-focused and high-performance computing data centers at select sites with access to low-cost power and grid capacity.
