Overview
- MARA, which confirmed Friday it cut about 15% of its staff, framed the move as part of a shift toward energy and digital infrastructure for AI and high‑performance computing, with phased cuts and severance detailed in internal memos.
- Between March 4 and March 25, the company sold 15,133 Bitcoin for about $1.1 billion and used the proceeds to repurchase roughly $1.0 billion of 0% convertible notes due 2030 and 2031 at discounts.
- The buybacks are expected to save around $88.1 million in cash before costs and reduce outstanding convertible debt by about 30% to roughly $2.3 billion.
- Substantial liabilities remain, including about $632.5 million of 2030 notes and $291.6 million of 2031 notes, plus other tranches due in 2026, 2031, and 2032.
- Shares rose about 8% to $8.71 after the disclosures, and the company says it will sell Bitcoin from time to time in 2026 to support liquidity and fund new initiatives.