MARA Holdings, the world’s largest publicly traded Bitcoin miner, sold 15,133 BTC in just three weeks.
That’s roughly $1.1 billion worth, liquidated between March 4 and March 25.
The proceeds went straight into buying back $1 billion of its own convertible debt at a discount.
It’s the most aggressive balance sheet move the company has ever made, and I think it says a lot more about the direction of Bitcoin mining than anything to do with MARA’s treasury management[1].
Worth noting, MARA isn’t alone.
Core Scientific has sold down its Bitcoin treasury from 2,537 BTC to around 630, pivoting hard into AI cloud services.
CleanSpark sold 97% of its February Bitcoin production to fund its own AI transition.
Riot Platforms posted a $663 million net loss in 2025 and is now under pressure from activist investors to accelerate a 1.6 billion AI data centre build.
Bitfarms has rebranded its infrastructure arm as ‘Keel Infrastructure’ and laid out a full transition to AI and high-performance computing by 2027[2].
And as we’ve seen already, BitDigital divested its AI division into WhiteFiber in order to take advantage of two things at once.
The biggest names in Bitcoin mining are walking away from Bitcoin mining. And I think that’s great for you and me!
The Maths Stopped Working
The average public miner spent roughly $88,000 to produce one Bitcoin in March[3].
Bitcoin is trading around $67,000. You don’t need a finance degree to see the problem.
The April 2024 halving is the culprit. It cut the block reward from 6.25 to 3.125 BTC, effectively doubling the cost of producing each coin.
During the 2021 bull run, mining margins hit 90%. Now, for large-scale listed miners carrying debt, executive salaries, shareholder obligations, and massive power bills, those margins have evaporated.$CTSI
