Bitcoin miner MARA Holdings liquidated approximately $1.5 billion of its BTC reserves during the first quarter of 2026 to repurchase more than $1 billion in face value of its convertible bonds due in 2030 and 2031.
According to the quarterly letter to shareholders published on May 11, through its official account in X. The operation was executed with a 9% discount on the par value of the instruments.
With the same funds, the company reduced its credit line by USD 200 million and refinanced USD 150 million of that instrument at a rate of 7% annually, compared to the 10.5% it previously paid.
The letter points out that these actions reduced leveragelimited the potential dilution and expanded the ability to allocate capital toward strategic opportunities as the pivot towards artificial intelligence.
The operation did not take the market by surprise. CriptoNoticias had reported in March 2026 that MARA confirmed, in its annual report for fiscal year 2025, that during 2026 would continue to sell bitcoin “opportunistically” to finance operations and its expansion towards artificial intelligence and high-performance computing.
Days later, the miner liquidated 15,133 BTC between March 4 and 25 for approximately USD 1.1 billion, which It cost him second place in the global ranking of companies with the largest corporate reserves of Bitcoin, a position occupied by Twenty One Capital with 43,514 BTC.
Sales for the quarter, now confirmed by the quarterly report at $1.5 billion total, exceeded what was reported in March. The letter indicates that the price of BTC fell by 22% between December 31, 2025 and March 31, 2026, which generated a loss due to adjustment to fair value of digital assets of USD 1,000 million and a total net loss of USD 1,262 million in the quarter.
Tension between strategic reserve and operational liquidity
MARA Holdings is, by volume of holdings, the largest mining company of Bitcoin listed on the stock exchange. It operates on the Nasdaq under the symbol MARA and has built its BTC position as a treasury reserve since 2020. Following the quarter’s sales, the company holds 35,303 BTC valued at approximately $2.4 billion at the March 31 closing price ($68,222 per unit), with 9,995 BTC lent or pledged as collateral.
The letter, signed by CEO Fred Thiel and CFO Salman Khan,suggests that BTC monetization will continue opportunistically during 2026 to finance capital projects and provide liquidity, subject to market conditions.
The firm maintains that bitcoin remains a relevant reserve asset within its capital allocation framework, and notes that it has not used its open market offering program since September 2025.
According to the report, debt reduction seeks position MARA for its transition towards digital artificial intelligence infrastructurewith the acquisition of Long Ridge Energy & Power and the majority stake in Exaion as the axes of that strategy.
The firm warns that execution will require disciplined capital allocation and concrete progress on megawatt leases, and notes that it aims to sign one or more leases with tenants before the end of 2026.