MARA Holdings (Nasdaq: MARA) is a major crypto company that is the world’s largest publicly listed Bitcoin (BTC) miner.
Bitcoin mining is the process of using specialized computing hardware to solve complex cryptographic puzzles to verify and add blocks containing BTC transactions to the chain.
In return, miners receive rewards in the form of newly minted BTC.
Related: What is Bitcoin mining? Explained
MARA is also the world’s largest corporate holder of Bitcoin after Michael Saylor’s Strategy (Nasdaq: MSTR).
On March 26, the company announced that it sold 15,133 Bitcoin for approximately $1.1 billion during March 4-25. MARA now holds around 38,689 BTC.
It also decided to repurchase $1 billion worth of convertible senior notes due 2030 and 2031 at a ~9% discount to par value. The transaction reduces the company’s outstanding convertible debt by around 30%.
The buybacks are expected to close by the end of this month.
The company said it sold Bitcoin to fund the notes repurchase transactions and other 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,” said MARA chairman and CEO Fred Thiel.
“By retiring over $1 billion of face value debt at a discount, we captured approximately $88 million in value that would otherwise have been lost, reduced potential shareholder dilution, and leveraged our bitcoin holdings to meaningfully de-lever the balance sheet on our terms.”
In fact, MARA revealed in a 10-K filing with the Securities and Exchange Commission (SEC) early this month that it has revised its 2026 policy as per which it is open to selling Bitcoin held on its balance sheet due to liquidity and market crises.
Though Bitcoin has been pretty resilient during the war in West Asia, it is still trading 45% lower than its October 2025 all-time high (ATH) of $126,080. The cryptocurrency was exchanging hands at $69,401.60 at press time.
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