MARA Sells ₱66.58 billion ($1.1 billion) in Bitcoin, Cuts Jobs After Debt Buyback
MARA Holdings executed layoffs this week following a ₱66.58 billion ($1.1 billion) Bitcoin liquidation last month. The company used proceeds from selling 15,133 BTC to repurchase ₱60.52 billion ($1 billion) in convertible notes at a 9% average discount to par value.
Key Takeaway
MARA traded a third of its Bitcoin stack for debt relief, then cut staff to complete its balance sheet reset.
MARA Holdings cut an undisclosed number of jobs this week after selling 15,133 BTC between March 4 and March 25 for ₱66.58 billion ($1.1 billion). The bitcoin mining company used the proceeds to buy back ₱22.24 billion ($367.5 million) of its 2030 convertible notes for $322.9 million and $633.4 million of its 2031 convertible notes for $589.9 million, representing a 9% average discount to par value.
MARA CEO Fred Thiel said the sale was part of a deliberate capital allocation strategy aimed at strengthening the company's balance sheet while preserving long-term shareholder value. He added the move would improve financial flexibility and position the firm for expansion beyond traditional bitcoin mining.
The debt reduction cut MARA's total convertible obligations by 30%, from $3.3 billion to $2.3 billion. The company expects to save $88.1 million in cash from the transaction. Outstanding balances now stand at $632.5 million in 2030 notes and $291.6 million in 2031 notes, with additional tranches of $48.1 million due in 2026, $300 million in 2031, and $1.025 billion in 2032 unchanged.
MARA still holds 52,850 BTC after the sale, maintaining its position as the second-largest public corporate Bitcoin holder. The company plans to sell BTC from time to time throughout 2026 to support liquidity needs and fund corporate initiatives, with both the 2030 and 2031 convertible senior notes carrying a 0.00% coupon rate.
This article was written based on reporting from Bitcoin Magazine.
