On March 25, 2026, MARA Holdings, Inc. (the "Company") disclosed in its Form 8-K filing that it has entered into privately negotiated repurchase agreements with certain holders of its outstanding 0.00% Convertible Senior Notes due 2030 and 2031. The Company plans to repurchase approximately $367.5 million in aggregate principal amount of the 2030 Notes for about $322.9 million in cash, and approximately $633.4 million in aggregate principal amount of the 2031 Notes for approximately $589.9 million in cash. The transactions are expected to close on March 30 and March 31, 2026, respectively, pending customary closing conditions.

To finance these repurchases, the Company sold 15,133 bitcoin between March 4 and March 25, 2026, generating approximately $1.1 billion in proceeds. The remaining funds from the bitcoin sales will be allocated for general corporate purposes. This strategic move is expected to enhance the Company's liquidity position and reduce its debt obligations significantly.

The repurchase of these convertible notes is a proactive measure to manage the Company's capital structure and reflects a strong commitment to optimizing its financial health. The reduction in outstanding convertible notes will also decrease future interest expenses, potentially improving earnings per share in the long run. Investors may view this as a positive development, indicating the Company's focus on strengthening its balance sheet and enhancing shareholder value.

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