MARA Holdings’ Bitcoin Sale: 15,000 BTC Released As Prices Crash Below $69,000
Bitcoin (BTC) fell below $69,000 on Thursday, erasing the gains seen earlier in the week as MARA Holdings (MARA), the largest crypto mining company in the United States, revealed a large liquidation of its BTC holdings to fund the expansion of computer intelligence (AI).
MARA Shares Rise in Debt Repurchase Program
In its disclosure covering March 4-25, MARA said it sold 15,133 BTC for about 1.1 billion. The sale reduced Marathon’s holdings by about 28% from the 53,822 BTC it held in early March, according to BitcoinTreasuries.net data.
The market reaction to this move was notable on both sides. The price of Bitcoin has fallen to around $68,997 at the time of writing – a decline that puts the cryptocurrency more than 45% below its record high near $126,000 set during last year’s rally.
Meanwhile, MARA’s stock rose nearly 7% on the day, pushing the stock closer to the $9-per-share level as investors digested the company’s pivot toward AI and supercomputers.
The Bitcoin miner said the proceeds from the sale will be used to repurchase $1 billion in convertible bonds maturing in 2030 and 2031 through privately negotiated repurchase agreements expected to close on March 30 and March 31.
Management framed the transaction as a strategic recapitalization move that strengthens the balance sheet and increases financial flexibility. MARA CEO Fred Thiel said:
This transaction improves financial flexibility and increases strategic choice as we grow beyond pure bitcoin mining into digital power and AI/[high-performance computing] infrastructure.
Selling Sees Holdings Fall To 38,689 Bitcoin
Similarly, the CEO of MARA Holdings stressed that the sale was a deliberate decision to allocate funds aimed at positioning the company for long-term growth.
By retiring more than $1 billion in face-value debt at a discount, the company said it captured about $88 million in potential value, reduced potential shareholder dilution, and used its Bitcoin holdings to offset the balance on terms favorable to the company.
The sale follows changes disclosed by MRA earlier this month in a 10-K form filed with the Securities and Exchange Commission (SEC). The company revised its policy in 2026 to allow the sale of Bitcoin held on its balance sheet in times of liquidity pressure or market problems.
The filing warned that prolonged weakness in the price of Bitcoin could financially affect the financial health of MARA Holdings; A sustained or sustained decline in BTC can significantly reduce its asset value and balance its liquidity and balance sheet.
MARA Holdings reduced stash is now worth about $2.66 billion at current prices. BitcoinTreasuries.net shows that the company has fallen to the third largest public shareholder following the sale, which was taken over by Twenty One Capital, which now holds 43,514 coins.
The industry leader remains Strategy (formerly MicroStrategy), which has maintained an aggressive acquisition strategy every week and now holds 762,099 Bitcoin.
Featured image from OpenArt, chart from TradingView.com
