- MARA Holdings sold 15,000 Bitcoin for $1.1 billion to strategically pay down debt.
- The company’s stock price rose over 9% as it deleveraged by repurchasing convertible notes at a discount.
- This follows a broader industry trend where Bitcoin miners are pivoting towards AI for more stable revenues.
- Analysts project miners could generate up to 70% of their revenue from AI by year’s end.
MARA Holdings, a major U.S. Bitcoin miner, announced on Thursday it sold roughly 15,000 BTC for $1.1 billion to improve its financial footing. This strategic sale was specifically aimed at repurchasing a portion of its convertible debt at a 9% discount.
The transaction saves the firm approximately $88 million and reduces its outstanding convertible debt by around 30%. Consequently, this move reduces potential shareholder dilution and enhances the company’s strategic flexibility.
Investors welcomed the decision, sending MARA’s stock price up more than 9% according to Yahoo Finance. CEO Fred Thiel described the capital allocation as a way to deleverage the balance sheet, stating, “This transaction enhances financial flexibility and increases strategic optionality.”
However, this is part of a wider pivot in the mining sector towards Artificial Intelligence infrastructure. Earlier this week, a report from crypto asset manager CoinShares projected that Bitcoin miners could generate as much as 70% of their revenues from AI by the end of the year.
This shift is largely economic, as Bitcoin mining profitability has declined recently. For instance, the hash price stood at $33 per PH/s per day on Thursday, nearly half its July level according to Hashrate Index.
Meanwhile, other firms like Cango and Bitfarms have made similar strategic moves to capitalize on the AI boom. The sale leaves MARA with approximately 38,700 Bitcoin, worth about $2.6 billion at Thursday’s prices as per CoinGecko.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
