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MARA Holdings, one of the world's largest publicly traded Bitcoin miners, has sold another 15,133 Bitcoin, generating a total of $1.1 billion in cash.
The move has attracted scathing criticism from the crypto community's most staunch "HODLers."
That said, MARA stock surged over 10% following the announcement.
The debt retirement strategy
MARA deployed the $1.1 billion windfall to de-lever its balance sheet.
The company entered into privately negotiated agreements to repurchase its 0.00% Convertible Senior Notes maturing in 2030 and 2031.
This created immediate financial benefits for the company. The discounted buyback captured roughly $88.1 million in value through cash savings. MARA's outstanding convertible debt burden has been slashed by 30%. The company has also neutralized the threat of potential future shareholder dilution.
Market reaction
Blockchain analytics firm Lookonchain noted that MARA sold the 15,133 BTC at an average price of roughly $72,689.
Market commentators on social media platform X criticized the timing, with accounts pointing out that it is a "tough look" to capitulate and sell such a massive stockpile near the $70,000 mark.
Following the $1.1 billion sale, MARA’s corporate treasury now holds 38,689 BTC.
Bitcoin is currently down 44.9% from its record high, CoinGecko data shows.
The liquidation has pushed the third spot among the world's largest publicly traded Bitcoin holders.
MARA is not alone. Core Scientific, another industry player, recently announced that it plans to liquidate the vast majority of its remaining Bitcoin reserves. Bitdeer has completely liquidated its holdings as part of an aggressive AI pivot.
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