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15,133 Bitcoin worth approximately $1.1 billion USD between March 4 and 25. The company used the proceeds to pay down a significant portion of its discounted convertible debt. Mara’s stock rose 10% in pre-market trading on Thursday.
The company repurchased $367.5 million USD of convertible bonds due in 2030 at a price of $322.9 million USD. It also repurchased $633.4 million USD of convertible bonds due in 2031 at a price of $589.9 million USD. Both transactions were negotiated privately and are scheduled to close on March 30 and 31.
The buybacks were executed at a discount of approximately 9% of the face value. This resulted in savings of about $88.1 million USD before transaction costs, according to MARA.
These transactions reduced Mara’s total convertible debt by approximately 30%. The outstanding convertible bonds will decrease from around $3.3 billion USD to $2.3 billion USD. This reduction also lessens the risk of future shareholder dilution due to debt conversions.