Bitcoin mining company MARA Holdings has begun a series of company-wide layoffs affecting multiple departments, according to Word. Preparing reports from Blockspace Media, marking the latest shift in the company’s broader restructuring strategy.
Sources familiar with the matter said the layoffs were “ongoing” and were being implemented in a piecemeal fashion, with at least two rounds taking place this week on Wednesday and Thursday. The total number of employees affected — as well as the percentage of the workforce affected — was not disclosed and the company has not commented publicly on the cuts.
The workforce reduction comes just days after MARA Completed major balance sheet restructuring Which included the sale of 15,133 Bitcoins for approximately $1.1 billion between March 4 and 25. The proceeds were used to repurchase portions of its 0.00% convertible senior notes due in 2030 and 2031, allowing the company to repay debt at an average discount of approximately 9%.
In total, MARA repurchased $367.5 million of its 2030 notes for $322.9 million and $633.4 million of its 2031 notes for $589.9 million. These transactions are expected to generate approximately $88.1 million in cash savings and reduce the company’s total convertible debt by approximately 30%, from approximately $3.3 billion to $2.3 billion.
After repurchases, Mara has it now $632.5 million in the 2030 notes and $291.6 million in the remaining 2031 notes. Other tranches of convertible debt — including $48.1 million due in 2026, $300 million due in 2031, and $1.025 billion due in 2032 — remain unchanged.
Former CEO Fred Thiel framed Selling Bitcoin as part of a deliberate capital allocation strategy aimed at strengthening a company’s balance sheet while preserving shareholder value over the long term. He said the move would improve financial flexibility and position the company to expand beyond traditional Bitcoin mining.
Bitcoin miners are turning to artificial intelligence
This expansion includes an increased focus on artificial intelligence and high-performance computing (HPC), areas where MARA seeks to leverage its expertise in energy infrastructure and data center operations. The company has increasingly positioned itself as a digital power and computing provider, rather than a pure Bitcoin mining company.
As part of this shift, MARA has also indicated that selling Bitcoin could become a recurring element of its treasury strategy. The company stated that it plans to sell Bitcoin “from time to time” throughout 2026 to support liquidity needs and fund corporate initiatives.
Developments come Amidst a challenging environment for Bitcoin minerswho are dealing with lower margins, increased competition, and increased pressure to diversify revenue sources beyond group bonuses.
For MARA, the combination of debt reduction, bitcoin sales and workforce reductions suggest the company is in transition — prioritizing balance sheet strength and strategic repositioning as it moves deeper into artificial intelligence and energy infrastructure.
