Overview
- MARA, which disclosed the plan Thursday, sold 15,133 BTC between March 4 and March 25 for about $1.1 billion after updating its 2026 policy to allow treasury Bitcoin sales.
- The buybacks target zero-coupon convertible notes due 2030 and 2031 at roughly a 9% discount, capturing about $88.1 million in savings before costs; convertible notes can turn into stock, so retiring them lowers dilution risk.
- Outstanding convertible debt is set to fall by about 30% to roughly $2.3 billion, with settlements expected March 30 and March 31, subject to customary closing conditions.
- After the sale, corporate holdings stand near 38,689 BTC, down from 53,822 at the end of February, keeping MARA among the largest public Bitcoin holders.
- CEO Fred Thiel said the transactions enhance financial flexibility to expand into digital energy and AI/high-performance computing, and shares rose roughly 6% to 12% in premarket and intraday trading after the announcement.