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🪙 Selling 1.1 billion USD worth of BTC to pay off debt, MARA stock rises +10%
The world's largest Bitcoin mining farm has sold 15,133 BTC (~$1.1B) over the past 3 weeks to reduce one-third of its debt. The company's stock immediately surged +10% before market open.
Specifically, MARA used this money to repurchase $1B convertible bonds of 2030 & 2031 at a 9% discount. This reduced debt from $3.3B to $2.3B while pocketing an additional ~$88M from the spread.
After the transaction, MARA holds only 38,689 BTC (~$2.7B), officially losing its TOP2 spot in Bitcoin holdings after 3 years of dominance, ceding the position to Twenty One Capital.