MARA sold 15,133 BTC for $1.1B to cut debt by 30%. The move cost them the #2 Bitcoin treasury spot. See what changed and who took over.
Bitcoin miner MARA Holdings has made a bold financial move. The company sold 15,133 BTC between March 4 and March 25, 2026.
The sale raised roughly $1.1 billion at an average price of about $72,689 per coin.
MARA used that cash to buy back over $1 billion in convertible notes. The transaction reshaped both its balance sheet and its standing on the Bitcoin treasury leaderboard.
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MARA Cuts Debt by 30% Through Bitcoin Sales
According to a company press release, MARA repurchased approximately $367.5 million of its 2030 convertible notes and $633.4 million of its 2031 notes.
Both buybacks closed at roughly a 9% discount to par value. That discount translated into about $88.1 million in cash savings before transaction costs.
The debt reduction was significant. MARA’s total outstanding convertible indebtedness dropped from roughly $3.3 billion to about $2.3 billion.
Today, MARA announced the repurchase of ~$1B in convertible notes at a ~9% discount to par value.
~30% convertible debt reduction. ~$88M in value captured. Zero future dilution exposure on the retired notes.
Funded through BTC sales, not the ATM.
— MARA (@MARA) March 26, 2026
Chairman and CEO Fred Thiel said the move was designed to strengthen the balance sheet and expand the company’s reach into digital energy and AI infrastructure.
He noted that the transaction used proceeds from BTC sales, not the company’s at-the-market equity program.
Shares rose 8% on the day of the announcement. Some observers questioned the timing, given that Bitcoin was trading around $72,000 during the sale period. At press time, BTC has dipped further hovering just above the $68,000 mark.
MARA Loses #2 Bitcoin Treasury Spot to Twenty One Capital
The sale came at a cost beyond dollars. On-chain analytics account Lookonchain noted that as of February 26, 2026, MARA held 53,822 BTC worth roughly $3.74 billion.
That holding had placed the company second only to Strategy among publicly traded Bitcoin holders. After selling 15,133 BTC, that ranking shifted.
Bitcoin miner MARA(@MARA) sold 15,133 $BTC($1.1B) at an average price of ~$72,689 between Mar 4 and Mar 25, 2026.
As of Feb 26, 2026, #MARA holds 53,822 $BTC($3.74B) and is the second-largest publicly traded holder of $BTC after Strategy.https://t.co/vZm5p1uFjd pic.twitter.com/qPHUeuJodm
— Lookonchain (@lookonchain) March 26, 2026
An X post noted a major change on the Bitcoin treasury leaderboard.
Jack Mallers’s Twenty One Capital stepped into the number two spot following MARA’s selloff. MARA dropped to third place as a result.
The competitive pressure does not stop there. The post also flagged that Metaplanet, the Japanese investment firm, now sits roughly 3,500 BTC behind MARA.
At its current accumulation pace, Metaplanet could overtake MARA for the number three position in the near term.
What This Means for MARA’s Bitcoin Strategy Going Forward
MARA’s decision signals a shift in priorities.
The company appears to be moving away from a pure Bitcoin accumulation model.
Thiel’s statement referenced plans to expand into digital energy and AI/HPC infrastructure, suggesting that future capital allocation may differ from the treasury-building approach it followed through 2024 and 2025.
Still, MARA remains one of the largest publicly traded Bitcoin holders in the world. Its remaining BTC position is substantial.
The company also retains over $600 million in outstanding 2030 notes and nearly $292 million in 2031 notes after the buyback, alongside other convertible instruments totaling over $2.2 billion.
Whether the strategy pays off will depend on Bitcoin’s price trajectory and how quickly MARA can build out its non-mining revenue streams.
For now, the treasury leaderboard looks different, and the race for the top spots is tighter than ever.
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