"Our decision to sell a portion of our Bitcoin holdings reflects a strategic move designed to strengthen our balance sheet and position the company for long-term growth. The repurchases preserve shareholder value and provide the company with greater financial flexibility as it expands beyond Bitcoin mining into digital energy and AI/HPC infrastructure."
MARA, a Bitcoin mining company, sold 15,133 Bitcoin for approximately $1.1 billion to repurchase convertible senior notes due in 2030 and 2031. The repurchase will reduce outstanding convertible debt by about 30%, from $3.3 billion to $2.3 billion, and is expected to save $88.1 million in cash. The company is shifting focus towards artificial intelligence and high-performance computing. Following the announcement, MARA shares rose 6% in premarket trading.
Read at Bitcoin Magazine
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