MARA Sells 15,133 BTC for $1.1B To Reduce Convertible Debt

The company repurchased $367.5 million in principal of its 0.00% convertible notes due 2030 for $322.9 million.

Bitcoin Treasury News

MARA Holdings

15,133 Bitcoin for approximately $1.1 billion between March 4 and March 25. The company used the proceeds to retire a large portion of its convertible debt at a discount. MARA shares rose 10% in premarket trading Thursday.

The company repurchased $367.5 million in principal of its 0.00% convertible notes due 2030 for $322.9 million. It also repurchased $633.4 million in principal of its 0.00% convertible notes due 2031 for $589.9 million. Both transactions were negotiated privately and are set to close on March 30 and March 31.

The repurchases were executed at approximately a 9% discount to par value. That generated roughly $88.1 million in savings before transaction costs, according to MARA.

The transactions cut MARA's total convertible debt by about 30%. Outstanding convertible notes will drop from approximately $3.3 billion to $2.3 billion. The reduction also lowers the risk of future shareholder dilution from debt conversions.

MARA revised its digital asset management policy on March 3. The revision allowed the company to sell

held on its balance sheet, not just newly mined coins. At that point, MARA held 53,822 Bitcoin, with 28% of that total tied to lending and collateral arrangements.