MARA Holdings (MARA) reportedly reduce roughly 15% of its workforce and bought over 15,000 Bitcoin ($BTC) for $1.1 billion to retire convertible debt, as the corporate pivots from Bitcoin mining towards AI and power infrastructure.
CEO Fred Thiel confirmed the layoffs in an inner memo, describing the cuts as “a strategic one” slightly than purely monetary, citing the corporate’s new route following its partnerships with Starwood Digital Ventures and Exaion.
MARA Cuts 15% of Workers and Sells $1.1B in Bitcoin to Fund AI Pivot
The layoffs hit a number of departments in waves throughout early April, based on sources conversant in the matter.
SCOOP: BITCOIN MINER @MARA CONDUCTS COMPANY-WIDE LAYOFFS PER @blockspace
Our sources say $MARA has laid off employees in a number of departments. Blockspace couldn’t affirm the quantity or share of staff affected presently.
One supply described the layoffs as “ongoing,”… pic.twitter.com/R6JDaJQDF8
— Blockspace (@blockspace) April 2, 2026
MARA reported roughly 266 full-time staff as of December 31, 2025, per its Kind 10-Ok submitting. Due to this fact, a 15% reduce would suggest roughly 40 positions being eradicated.
Affected employees acquired one month of paid go away by way of April 30, plus 13 weeks of severance.
Between March 4 and March 25, MARA bought 15,133 $BTC for roughly $1.1 billion, utilizing the proceeds to repurchase 0.00% convertible senior notes due in 2030 and 2031 at roughly a 9% low cost to par.
The transfer reduce the corporate’s excellent convertible debt by about 30%, from $3.3 billion to $2.3 billion, and decreased its $BTC holdings by 28%, from ~53,822 $BTC to 38,689 $BTC.
MARA has signaled additional gross sales are seemingly, stating it plans to promote $BTC “on occasion” all through 2026 to fund operations and company initiatives.
The restructuring comes after MARA posted a web lack of roughly $1.3 billion in 2025, as post-halving economics compressed mining margins throughout the business.
The corporate now operates 18 knowledge facilities throughout 4 continents with roughly 1.9 GW of capability, concentrating on AI and HPC workloads alongside Bitcoin mining.
