MARA Holdings Sells 15,133 BTC for $1B to Retire Debt, Warns of More Sales Ahead

MARA Holdings has issued a stark warning of upcoming Bitcoin sales as it executes a massive $1 billion treasury liquidation, triggering a market correction. The firm sold 15,133 BTC in a private repurchase agreement to retire its 0.00% Convertible Senior Notes due 2030 and 2031, marking its first disclosure of sale size after previous alerts. This strategic move aims to slash outstanding debt and prevent future shareholder dilution, with the company projecting significant cash savings from the balance sheet restructuring.

MARA Holdings BTC sale valued at $1.1B

MARA Holdings completed the sale of 15,133 BTC between March 4 and March 25, for an aggregate price of $1.1B. 

The change is not yet reflected in the company’s treasury records. Before the sale, MARA Holdings carried 53,822 BTC accrued from mining, at an unknown average price. Part of the funds will go toward repurchasing the notes, while the remainder will be used for general corporate purposes.

“Our decision to sell a portion of our bitcoin holdings reflects a strategic capital allocation move designed to strengthen our balance sheet and position the company for long-term growth. This transaction enhances financial flexibility and increases strategic optionality as we expand beyond pure-play bitcoin mining into digital energy and AI/HPC infrastructure,” said Fred Thiel, MARA’s chairman and chief executive officer.

After partially retiring the loans, MARA Holdings will retain $2.29B in debt, down from $3.29B at the end of 2025.

MARA Holdings sells as treasury companies stop all new buying

MARA Holdings is not a playbook company, although it was one of the first to buy additional BTC alongside Strategy. 

MARA used a mixed approach of retaining BTC from mining, in addition to using debt to add more BTC. The holding was also signaling readiness for long-term holding. The recent shift to selling coincided with a period where Strategy remains the only playbook buyer with regular BTC purchases. 

MARA Holdings remains the sixth-largest BTC pool, with over 66 EH/s in total capacity. MARA Holdings produces around 4% of daily BTC blocks and retains the rewards for itself, gradually rebuilding its treasury.

The company retains around 12.63K BTC in its mining wallet, with other reserves held in unannounced wallets.

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