MARA Holdings Inc. (NASDAQ: MARA) announced it entered into agreements to repurchase approximately $1 billion in aggregate principal amount of its convertible senior notes and sold 15,133 bitcoin for approximately $1.1 billion.

The company will repurchase $367.5 million in principal amount of its 0.00% convertible senior notes due 2030 for $322.9 million cash and $633.4 million in principal amount of its 0.00% convertible senior notes due 2031 for $589.9 million cash. The transactions are expected to close on March 30, 2026 and March 31, 2026, respectively.

The repurchases will capture approximately $88.1 million in value through cash savings before transaction costs, representing a 9% discount to par value. The transactions will reduce the company's outstanding convertible indebtedness by approximately 30%.

Following the repurchases, $632.5 million in principal amount of the 2030 notes and $291.6 million in principal amount of the 2031 notes will remain outstanding. The company's total convertible note indebtedness will decrease from $3.3 billion to approximately $2.3 billion.

MARA sold the bitcoin between March 4 and March 25, 2026, and expects to use the proceeds to fund the note repurchases, with the remainder available 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," said Fred Thiel, MARA's chairman and chief executive officer.

J. Wood Capital Advisors LLC served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor for the transactions.