Miner MARA sold 15,000 bitcoins, cashing out $1.1 billion to repurchase convertible bonds.

MARA Holdings, a publicly traded mining company in the United States, announced on Thursday that it sold 15,133 bitcoins between March 4 and March 25, cashing in approximately $1.1 billion, and will use the proceeds to repurchase zero-coupon convertible bonds maturing in 2030 and 2031 to reduce debt and strengthen financial flexibility.
According to an official statement, MARA modified its digital asset management strategy on March 3 to allow the company to sell bitcoins held on its balance sheet, whereas the previous policy limited sales to newly mined bitcoins. At the time of the policy adjustment, MARA held 53,822 bitcoins, with 28% already used for financial operations such as lending and collateral.
The so-called “zero-coupon convertible bonds” refer to a type of bond issued by the company that does not pay interest during the holding period but can be converted into company stock under specific conditions. The issuance price of these bonds is usually below par (i.e., “issued at a discount”), and profits for investors come from the discount space and the appreciation of the converted stock.
MARA’s operation this time is precisely to use the proceeds from the sale of bitcoins to buy back these bonds at a price below par. According to a repurchase agreement reached through private negotiations, MARA will repurchase bonds maturing in 2030 with a face value of $367.5 million for $322.9 million; and will repurchase bonds maturing in 2031 with a face value of $633.4 million for $589.9 million.
These two transactions are expected to officially settle on March 30 and 31, bringing a total cash saving of $88.1 million (before transaction costs), which is equivalent to a repurchase at a 9% discount to par.
After the repurchase is completed, MARA still has $632.5 million in 2030 bonds and $291.6 million in 2031 bonds that remain unpaid.
MARA’s CEO, Fred Thiel, stated: “This transaction enhances financial flexibility and expands our strategic options as we are transitioning from a purely bitcoin mining business to digital energy and AI/high-performance computing infrastructure.”