MARA Dumps $1.1 Billion in Bitcoin to Repurchase Convertible Notes, Cuts Debt by 30%
MARA sold $1.1 billion in Bitcoin to repurchase convertible notes, reducing its debt by approximately 30% and strengthening its balance sheet.Summary
MARA, a Bitcoin mining company expanding into AI and digital energy infrastructure, announced a significant balance sheet restructuring on Thursday. The company sold 15,133 Bitcoin for roughly $1.1 billion between March 4 and March 25 to repurchase its 0.00% convertible senior notes due in 2030 and 2031. This repurchase, totaling $900.4 million, represents a 9% discount and is expected to yield $88.1 million in cash savings. Consequently, MARA’s outstanding convertible debt will decrease by about 30%, from $3.3 billion to $2.3 billion, limiting potential shareholder dilution. CEO Fred Thiel stated the move is part of a broader strategy to strengthen the balance sheet and support expansion into new areas. MARA now holds 38,689 BTC, valued at approximately $2.7 billion.
(Source：Bitcoin Magazine)