MARA Holdings (MARA) announced on Thursday that it sold 15,133 bitcoin for approximately $1.1 billion and used the proceeds to retire nearly a similar amount in its 0.00% convertible senior notes due 2030 and 2031.

The sales occurred between March 4 and March 25, according to a statement. This followed a March 3 policy revision in which MARA expanded its digital asset management strategy to permit sales of bitcoin held on its balance sheet, expanding beyond the prior policy that limited sales to newly mined production. At the time of the policy shift, the bitcoin miner held 53,822 BTC, with 28% of that total activated under lending and collateral arrangements.

MARA said it entered into privately negotiated repurchase agreements to buy back $367.5 million principal of its 0.00% convertible notes due 2030 for $322.9 million and $633.4 million principal of its 0.00% convertible notes due 2031 for $589.9 million. The repurchases are expected to close on March 30 and March 31, respectively.

Per the statement, the transactions captured $88.1 million in cash savings before transaction costs, representing a 9% discount to par value. Following the repurchases, $632.5 million principal of the 2030 notes and $291.6 million principal of the 2031 notes remain outstanding.

"This transaction enhances financial flexibility and increases strategic optionality as we expand beyond pure-play bitcoin mining into digital energy and AI/HPC infrastructure," MARA CEO Fred Thiel said in the statement.

MARA posted a net loss of $1.7 billion in the fourth quarter, swinging from net income of $528.3 million a year earlier. The company said the loss was driven by a $1.5 billion negative change in the fair value of digital assets as bitcoin's price declined approximately 30% in the quarter. Revenue fell 6% year over year to $202.3 million.