MARA Holdings sold 15,133 BTC in March 2026 and used most of the proceeds to buy back convertible notes at a discount. The miner is redirecting its infrastructure toward AI data centers, and it has kept selling since.
MARA Holdings, a miner that had refused to sell its Bitcoin, sold 15,133 BTC between March 4 and March 25, 2026. The sale raised roughly $1.1 billion at an average price of approximately $72,700 per coin.
Proceeds go to debt
Most of the money funded the repurchase of about $1 billion in convertible senior notes due in 2030 and 2031. MARA bought the notes back in private transactions at an approximate 9% discount to par, which let it capture an estimated $88 million in value.
The buyback also cut MARA's convertible debt load by around 30%. As a result, the company has more room on its balance sheet as it heads into an expensive buildout.
Selling continued past March. MARA reported holdings of about 35,577 BTC as of June 30, 2026, down from 53,822 BTC at the end of February. It also disclosed first-half sales totaling 23,093 BTC, which brought in approximately $1.6 billion.
Timing was not ideal. Bitcoin dipped below $69,000 around the time the sale was announced, a few thousand dollars under MARA's average March price.
From holding to AI computing
The new approach allows periodic Bitcoin sales as a tool for managing capital. The destination is digital energy and AI high-performance computing data centers, and MARA has partnered with Starwood Capital Group on the effort. The partnership targets nearly 1 GW of near-term computing capacity, with potential to expand beyond 2.5 GW.
MARA also acquired the Long Ridge Energy natural gas plant in Ohio to support the transition.
Margin pressure behind the move
The backdrop is margin pressure after the most recent halving. Each halving cuts the Bitcoin reward per block in half, so miners earn fewer coins for the same electricity bill.
For the Bitcoin market, the most immediate implication is supply: large corporate holders turning into periodic sellers adds a new source of coins to absorb. Investors should watch how much of the targeted 1 GW comes online and whether further Bitcoin sales follow.
Source: Crypto Briefing
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