MARA Is Selling Its Bitcoin and Firing Staff — And Calling It a Growth Strategy

MARA Holdings (MARA) reportedly cut approximately 15% of its workforce and sold over 15,000 Bitcoin ($BTC) for $1.1 billion to retire convertible debt, as the company pivots from Bitcoin mining toward AI and energy infrastructure.

CEO Fred Thiel confirmed the layoffs in an internal memo, describing the cuts as “a strategic one” rather than purely financial, citing the company’s new direction following its partnerships with Starwood Digital Ventures and Exaion.

MARA Cuts 15% of Staff and Sells $1.1B in Bitcoin to Fund AI Pivot

The layoffs hit multiple departments in waves across early April, according to sources familiar with the matter.

MARA reported roughly 266 full-time employees as of December 31, 2025, per its Form 10-K filing. Therefore, a 15% cut would imply approximately 40 positions being eliminated.

Affected staff received one month of paid leave through April 30, plus 13 weeks of severance.

Between March 4 and March 25, MARA sold 15,133 $BTC for approximately $1.1 billion, using the proceeds to repurchase 0.00% convertible senior notes due in 2030 and 2031 at roughly a 9% discount to par.

The move cut the company’s outstanding convertible debt by about 30%, from $3.3 billion to $2.3 billion, and reduced its $BTC holdings by 28%, from ~53,822 $BTC to 38,689 $BTC.

MARA has signaled further sales are likely, stating it plans to sell $BTC “from time to time” throughout 2026 to fund operations and corporate initiatives.

The restructuring comes after MARA posted a net loss of approximately $1.3 billion in 2025, as post-halving economics compressed mining margins across the industry.

The company now operates 18 data centers across four continents with approximately 1.9 GW of capacity, targeting AI and HPC workloads alongside Bitcoin mining.