MARA Holdings sold 15,133 bitcoin — roughly $1.1 billion worth — over a three-week window ending March 25, deploying the proceeds into one of the largest convertible-note buybacks in the bitcoin mining sector’s history. The company repurchased approximately $1.0 billion of its zero-coupon convertible senior notes due 2030 and 2031 at roughly 9% below par, capturing an estimated $88.1 million in value from the discount alone.

The numbers break down to $367.5 million of 2030 notes bought back for $322.9 million and $633.4 million of 2031 notes retired for $589.9 million. The transaction slashes MARA’s total convertible debt by about 30%, bringing outstanding notes from roughly $3.3 billion down to $2.3 billion — and meaningfully reducing the dilution risk that has hung over the stock as those notes approach conversion windows.

This story is an excerpt from the Unchained Daily newsletter.

CEO Fred Thiel framed the sale as a capital-allocation decision, not a change in thesis. MARA still holds 38,689 BTC after the transaction — one of the largest corporate bitcoin treasuries in the world. MARA shares jumped 10% in premarket trading, suggesting investors read the move the same way: not as a bearish signal on bitcoin, but as a sign that the company’s treasury strategy is maturing. Selling a portion of holdings to retire discounted debt at a profit is the kind of balance-sheet management Wall Street rewards — and it marks a shift in how bitcoin miners are thinking about capital structure beyond the simple accumulation playbook.