MARA Holdings, a Bitcoin mining company, has made a notable move in its balance sheet management. The company announced that it sold 15,133 BTC worth approximately $1.1 billion and used the proceeds to repurchase its convertible bonds. According to the announcement, the sales took place between March 4th and March 25th. This process followed immediately after MARA updated its digital asset management policy on March 3rd. With this policy change, the company moved away from its approach of only selling newly mined Bitcoins and included its BTC assets held on its balance sheet in the sale. At the time of the policy change, the company held a total of 53,822 BTC, approximately 28% of which was used in loan and collateral agreements.
Debts decreased by 30%
MARA used the proceeds to repurchase a significant portion of its interest-free (0.00%) convertible bonds maturing in 2030 and 2031. The company repurchased $367.5 million in principal from 2030 bonds to $322.9 million and $633.4 million from 2031 bonds to $589.9 million. These transactions are expected to be completed on March 30 and 31. As a result of these repurchases, MARA's total convertible debt decreased by approximately 30% to $2.3 billion. Following the transactions, $632.5 million in principal remains on the 2030 bonds and $291.6 million on the 2031 bonds. The company stated that these transactions resulted in approximately $88.1 million in cash savings, excluding transaction costs, which represents a discount of approximately 9% to the nominal value. MARA CEO Fred Thiel emphasized that this move increased the company's strategic flexibility. According to Thiel, the company is now moving away from a structure focused solely on Bitcoin mining and is expanding into digital energy and artificial intelligence/high-performance computing (AI/HPC) infrastructure. This transformation is also seen as part of the company's goal to increase revenue diversification.
Weakening financials draw attention
The company's latest financial results provide important signals for understanding the background of this strategic change. MARA reported a net loss of $1.7 billion in the fourth quarter of 2025. This figure indicates a sharp deterioration compared to the net profit of $528.3 million recorded in the same period of the previous year. The biggest factor in the loss was stated to be the negative change of $1.5 billion in the fair value of digital assets due to the approximately 30% drop in the price of Bitcoin.
A limited decline was also observed on the revenue side. The company's revenue decreased by 6% year-on-year to $202.3 million.
