MARA Holdings (MARA) Stock Jumps 10% After Selling Bitcoin to Wipe Out $1B in Debt

TLDR

• MARA sold 15,133 bitcoin between March 4–25, raising ~$1.1 billion
• Proceeds used to repurchase ~$1.0 billion in convertible senior notes due 2030 and 2031
• Notes bought back at ~9% discount, capturing roughly $88.1 million in value
• Total convertible debt cut by ~30%, from $3.3 billion to ~$2.3 billion
• MARA now holds 38,689 BTC after the sale

MARA Holdings sold a chunk of its bitcoin to clean up its balance sheet — and the market liked it.

The company sold 15,133 BTC between March 4 and March 25, raising roughly $1.1 billion. It then used those proceeds to buy back approximately $1.0 billion of its own convertible notes at a discount.

Marathon Digital Holdings, Inc., MARA

Specifically, MARA repurchased $367.5 million of its 2030 notes for $322.9 million, and $633.4 million of its 2031 notes for $589.9 million. Both sets of notes carry a 0.00% interest rate.

The discounts on both tranches work out to roughly 9% below face value. That spread translates to approximately $88.1 million in captured value, before transaction costs.

The transactions are expected to close on March 30 and March 31, 2026.

A Leaner Debt Load

Total convertible debt will fall from $3.3 billion at the end of 2024 to around $2.3 billion once the deals close — a reduction of about 30%.

After the repurchases, $632.5 million of the 2030 notes and $291.6 million of the 2031 notes will remain outstanding.

Cutting the convertible debt pile also lowers the risk of future dilution. Convertible notes can be exchanged for stock, so fewer notes in circulation means less potential pressure on the share count.

What MARA Holds Now

After the sale, MARA still holds 38,689 BTC. That keeps it firmly among the largest corporate holders of bitcoin.

Any remaining proceeds from the bitcoin sale will go toward general corporate purposes, the company said.

J. Wood Capital Advisors served as financial advisor on the transactions. Paul, Weiss, Rifkind, Wharton & Garrison acted as legal counsel.

The stock’s move came despite weakness in bitcoin prices on the day, suggesting investors responded positively to the balance sheet restructuring itself rather than any crypto price tailwind.

MARA’s 2030 and 2031 convertible notes had been a point of focus for investors tracking dilution risk. With $1 billion of that paper now retired at a discount, the company heads into the second quarter of 2026 with a materially different capital structure.

Transactions are set to close March 30 and March 31, 2026.

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