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MARA Holdings Bitcoin Sale Overview
MARA Holdings liquidated 15,133 Bitcoin between March 4 and March 25 for around $1.1 billion. The firm utilized the proceeds to buy back approximately $1 billion of its convertible notes that mature in 2030 and 2031, resulting in a reduction of nearly 28% in their Bitcoin holdings.
Future Bitcoin Purchases
Interestingly, MARA also revealed it acquired 4,267 BTC in 2025 at an average price close to $111,000, which is about $45,000 more than the current trading price of the cryptocurrency.
Market Sentiment
Quinn Thompson, the Chief Investment Officer of Lekker Capital, expressed on X that MARA is classified as a “distressed seller” and indicated that this may signal the onset of a significant unwinding across the industry.
Factors Affecting Bitcoin Mining Profitability
Thompson’s viewpoint targets a contradiction in Bitcoin mining economics, which are currently in turmoil. The only viable recovery method appears to be a decrease in the hashrate, largely influenced by companies such as Core Scientific, TeraWulf, Cipher Mining, and IREN shifting their focus away from mining activities.
Impact of Public Miners on Bitcoin Holdings
While the anticipated decline in hashrate may benefit the network in the long run, the immediate challenge is the fact that public miners hold nearly 80,000 BTC collectively. As these companies start to pivot towards AI, they not only require capital for expansion but also see less necessity to retain Bitcoin as an asset.
Current Market Data and Cost of Mining
Recent on-chain data from CryptoQuant highlights that the Miners’ Position Index has surged to a weekly peak, indicating broader miner outflows beyond just MARA. Bitcoin’s value dropped below $70,000 last Thursday and fell approximately 4% to $66,200 today. The all-in expense for mining a single BTC is currently around $78,600, and CoinShares’ latest report suggests that publicly traded miners could generate about 70% of their revenues from AI by the end of the year.
Outlook for Bitcoin Value
Traders on Polymarket are estimating a 51% chance that Bitcoin might fall to $45,000, a 27% chance for a drop to $35,000, and only an 18% probability that it will rebound to $120,000 within the year.
