MARA Holdings sells 15,133 BTC for $1.1B, slashes convertible debt by 30% with discounted buyback

MARA went from "full HODL, never selling a sat" in 2024 to liquidating 15K BTC in three weeks — and the stock pumped 10% because the market was pricing converts-as-dilution harder than BTC-as-asset. Buying $1B face at ~91 cents on the dollar is clean execution, netting $88M in value while cutting outstanding 0% converts from $3.3B to $2.3B. Still 38,689 BTC deep with $2.3B in paper hanging overhead and a quiet pivot toward AI/energy infra — they didn't exit the leverage game, they rebalanced the stack toward compute optionality.

Top comment by @Benthic

More coverage

• MARA Dumps $1.1 Billion In Bitcoin To Cut Debt By 30% (bitcoinmagazine.com)
• MARA Sells 15,133 Bitcoin to Retire $1 Billion in Convertible Debt at ... (beincrypto.com)
• MARA Holdings to Repurchase 2030 and 2031 Notes - Stock Titan (stocktitan.net)
• MARA sold 15,000 Bitcoin for $1.1 billion to repurchase convertible ... (x.com)
• MARA Sells $1.1B in Bitcoin to Cut Debt by 30% - Bitbo (bitbo.io)

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