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MARA Holdings’ Bitcoin Sell-Off: 15,000 BTC Liquidated As Prices Crash Below $69,000

Bitcoin (BTC) slipped below $69,000 on Thursday, erasing gains seen earlier in the week as MARA Holdings (MARA), the largest crypto mining company in the United States, disclosed a substantial liquidation of its BTC holdings to fund an expansion into artificial intelligence (AI) computing.

MARA Shares Climb On Debt-Repurchase Plan

In its disclosure covering March 4–25, MARA said it sold 15,133 BTC for roughly $1.1 billion. The sale reduced Marathon’s holdings by roughly 28% from the 53,822 BTC it held at the start of March, according to BitcoinTreasuries.net 数据.

The market reaction to the move was notable on both fronts. Bitcoin’s price retreated to approximately $68,997 at the time of writing — a decline that places the cryptocurrency more than 45% below its record highs near $126,000 set during last year’s rally. 

Meanwhile, MARA stock rose almost 7% intraday, bringing the stock closer to the $9-per-share level as investors digested the company’s pivot toward AI and high-performance computing.

MARA

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 buyback agreements expected to close on March 30 and March 31. 

Management framed the transaction as a strategic refinancing move that both strengthens the balance sheet and increases financial flexibility. MARA CEO Fred Thiel stated: 

This transaction enhances financial flexibility and increases strategic optionality as we expand beyond pure-play bitcoin mining into digital energy and AI/[high-performance computing] infrastructure.

Sale Sees Holdings Fall To 38,689 Bitcoin

In a similar vein, MARA Holdings’ CEO emphasized the sale was a deliberate capital-allocation decision intended to position the company for long-term growth. 

By retiring more than $1 billion of face-value debt at a discount, the company said it captured approximately $88 million in value that otherwise might have been lost, reduced potential shareholder dilution, and used its Bitcoin holdings to de-lever the balance sheet on terms favorable to the company.

The sale follows changes MARA disclosed earlier this month in a Form 10-K filed with the Securities and Exchange Commission (SEC). The company revised its 2026 policy to permit 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 affect MARA Holdings’ financial health; sustained or further declines in BTC could significantly reduce the value of its holdings and weigh on liquidity and the balance sheet.

MARA Holdings’ reduced stash is now valued at roughly $2.66 billion at current prices. BitcoinTreasuries.net shows the company has fallen to the third-largest public holder following the sale, overtaken by Twenty One Capital, which now holds 43,514 coins. 

The industry leader remains Strategy (formerly MicroStrategy), which has maintained an aggressive acquisition strategy on a weekly basis and now holds 762,099 Bitcoin.

Featured image from OpenArt, chart from TradingView.com 


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