Bitcoin (BTC) fell below $69,000 on Thursday, wiping out gains seen earlier this week as MARA Holdings (MARA), the largest crypto mining company in the United States, announced a substantial liquidation of its BTC holdings to fund an expansion into artificial intelligence (AI).
MARA shares rise on debt buyout plan
In his revelation For the period from March 4 to 25, MARA said it sold 15,133 BTC for approximately $1.1 billion. According to BitcoinTreasuries.net, the sale reduced Marathon’s holdings by approximately 28% from the 53,822 BTC it held in early March. facts.
The market’s reaction to the measure was remarkable on both fronts. Bitcoin’s price fell to around $68,997 at the time of writing – a drop that puts the cryptocurrency more than 45% below the all-time high of nearly $126,000 reached during last year’s rally.
Meanwhile, MARA shares rose nearly 7% intraday, pushing the stock closer to the $9 per share level, as investors digested the company’s pivot to AI and high-performance computing.
The Bitcoin miner said proceeds from the sale will be used to repurchase $1 billion of convertible notes due in 2030 and 2031 through privately negotiated repurchase agreements expected to close on March 30 and 31.
Management described the transaction as a strategic refinancing move that both strengthens the balance sheet and increases financial flexibility. MARA CEO Fred Thiel stated:
This transaction increases financial flexibility and increases strategic choice as we move beyond pure bitcoin mining into digital energy and AI.[high-performance computing] infrastructure.
The sale reduces the asset to 38,689 Bitcoin
In a similar vein, the CEO of MARA Holdings emphasized that the sale was a purposeful capital allocation decision intended to position the company for long-term growth.
By paying down more than $1 billion in face value debt at a discount, the company said it captured approximately $88 million in value that might otherwise have been lost, reduced potential shareholder dilution and used its Bitcoin holdings to deleverage its balance sheet on terms favorable to the company.
The sale follows changes MARA announced earlier this month in a Form 10-K filed with the Securities and Exchange Commission (SEC). The company revised its 2026 policy to allow the sale of Bitcoin held on its balance sheet during liquidity stress or market crises.
The filing warned that prolonged weakness in Bitcoin’s price could materially impact MARA Holdings’ financial health; Continued or further declines in BTC could significantly reduce the value of its investments and weigh on its liquidity and balance sheet.
MARA Holdings’ reduced inventory is now valued at approximately $2.66 billion at current prices. BitcoinTreasuries.net shows that after the sale, the company has fallen to the third largest public holder, overtaken by Twenty One Capital, which now owns 43,514 coins.
The market leader remains Strategy (formerly MicroStrategy), which employs an aggressive acquisition strategy every week and now owns 762,099 Bitcoin.
Featured image from OpenArt, chart from TradingView.com