US-based MARA Holdings sells 15,000 bitcoins so far this month… worth $1.1 billion

MARA Holdings, a US bitcoin (BTC) mining company, has sold $1.1 billion worth of bitcoin so far this month.

MARA Holdings said on the 26th (local time) that it sold 15,133 bitcoins from the 4th through the 25th of this month. The company said, "(The bitcoin sold) was worth $1.1 billion," adding that "the proceeds from the bitcoin sale will be used for bond repurchase transactions and corporate operating funds, among other purposes."

MARA Holdings explained the sale as "a measure to strengthen the balance sheet and lay the groundwork for long-term growth." CEO Fred Thiel said, "(Through the bitcoin sale) we repaid more than $1 billion in debt at a discount based on par value, capturing $88 million in value that would otherwise have been lost," adding, "this sale improves financial flexibility and expands strategic options as we scale the business into digital energy and artificial intelligence (AI) infrastructure."

Meanwhile, MARA Holdings has been accelerating its AI data center buildout this year. With the recent downturn in bitcoin prices and reduced mining rewards squeezing profitability, the company is seen as pivoting its business.