Shares of MARA Holdings (NASDAQ:MARA) gained about 5% in Thursday morning trading after the company revealed plans to repurchase roughly $1 billion of its outstanding convertible debt, even as bitcoin prices showed weakness.
The digital energy and infrastructure firm said it had reached privately negotiated agreements to buy back about $367.5 million in principal of its 0.00% Convertible Senior Notes due 2030 for roughly $322.9 million, along with around $633.4 million in principal of its 0.00% Convertible Senior Notes due 2031 for approximately $589.9 million. The transactions are scheduled to close on March 30 and March 31, 2026, respectively.
MARA expects the repurchases to generate about $88.1 million in value through cash savings before transaction costs, representing a discount of roughly 9% to the notes’ par value. Once completed, the deals will cut the company’s outstanding convertible debt by around 30%. After the transactions, $632.5 million in principal of the 2030 notes and $291.6 million of the 2031 notes will remain outstanding.
To finance the buybacks, MARA sold 15,133 bitcoin between March 4 and March 25, 2026, generating total proceeds of about $1.1 billion. Any remaining funds from the sale will be used for general corporate purposes.
Following the repurchases, the company’s total convertible note obligations are expected to decline from $3.3 billion as of December 31, 2025, to roughly $2.3 billion.
J. Wood Capital Advisors acted as financial advisor on the transactions, while Paul, Weiss, Rifkind, Wharton & Garrison served as legal advisor.