TLDR
- MARA sold 15,133 Bitcoin for about $1.1 billion over three weeks in March.
- The company used the proceeds to repurchase 2030 and 2031 convertible notes.
- MARA said the deal reduced outstanding debt by about 30%.
- MARA’s Bitcoin holdings fell from 53,822 to 38,689 after the sale.
- Twenty One Capital now holds 43,514 Bitcoin and ranks ahead of MARA.
MARA Holdings sold 15,133 Bitcoin for about $1.1 billion in March and dropped behind Twenty One Capital. The sale came over three weeks and funded buybacks of convertible notes due in 2030 and 2031. MARA said the move cut debt, saved value, and reduced dilution risk. The company now holds 38,689 Bitcoin.
Sale backs note repurchases
MARA disclosed the transactions on Thursday. It used sale proceeds to repurchase part of its 2030 and 2031 convertible notes. The company said outstanding debt fell by about 30%. It also said the deal captured about $88 million in value.
The note buybacks gave MARA more room on its balance sheet. They also lowered future conversion risk for shareholders. That mattered because convertible notes can increase share counts. The sale turned Bitcoin reserves into debt reduction.
Chairman Fred Thiel said the decision fits MARA’s capital allocation plan. He said the company wants to reduce debt and preserve shareholder value. He also said MARA needs more flexibility as it broadens its business. MARA presented the sale as a treasury move, not a retreat.
Holdings fall below Twenty One Capital
At the end of February, MARA held 53,822 Bitcoin. After the March sale, that total fell to 38,689 Bitcoin. At current market prices, the remaining stash is worth about $2.7 billion. The drop moved MARA down the corporate rankings.
Twenty One Capital now holds 43,514 Bitcoin. That total puts the company ahead of MARA. Twenty One Capital is backed by Tether Investments and Bitfinex. MARA now sits in third place among corporate Bitcoin holders.
The change shows how quickly rankings can shift when large treasuries move. MARA sold more than 15,000 coins in one stretch. That reduced its reserve by about 28%. It also changed its standing against other public companies.
Broader strategy adds AI and energy
MARA is expanding beyond pure Bitcoin mining. The company is moving into digital energy and artificial intelligence infrastructure. That wider focus requires cash, flexibility, and lower debt. The March sale supports that broader plan.
In a recent filing, MARA said it may sell Bitcoin “from time to time” in 2026. The company tied that language to capital and liquidity needs. That suggests more active treasury management this year. It also signals that future sales remain possible.
MARA still holds a large Bitcoin reserve after the sale. Yet the company now has less debt and more room to fund new projects. Those gains came with a smaller coin balance. For now, that leaves MARA behind Twenty One Capital.
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