Mara Holdings (MARA) has reportedly cut nearly 15% of its workforce and sold more than 15,000 bitcoins (BTC) for $1.1 billion to pay off convertible debt, as the company pivots from bitcoin mining toward artificial intelligence and energy infrastructure.
CEO Fred Thiel confirmed the layoffs in an internal memo, calling the cuts “strategic” rather than purely financial, and citing the company’s new direction following its partnerships with Starwood Digital Ventures and Exaion.
MARA cuts 15% of its staff and sells $1.1 billion in Bitcoin to fund AI Pivot
Layoffs hit multiple departments in waves during early April, according to sources familiar with the matter.
MARA reported approximately 266 full-time employees as of December 31, 2025, according to Form 10-K. Deposit. Therefore, a 15% reduction would mean the elimination of about 40 jobs.
Affected employees received one month of paid leave through April 30, in addition to 13 weeks of severance leave.
Between March 4 and March 25, MARA It sold 15,133 Bitcoins for approximately $1.1 billionusing the proceeds to repurchase 0.00% convertible senior notes due in 2030 and 2031 at an approximately 9% discount to par value.
The move reduced the company’s outstanding convertible debt by about 30%, from $3.3 billion to $2.3 billion, and reduced its Bitcoin holdings by 28%, from 53,822 BTC to 38,689 BTC.
MARA indicated the potential for more sales, explaining that it plans to do so Sell Bitcoin “From time to time” throughout 2026 to fund operations and company initiatives.
The restructuring comes after MARA posted a net loss of around $1.3 billion in 2025, as post-halving economics pressured mining margins across the industry.
The company now operates 18 data centers across four continents with an approximate capacity of 1.9 GW, targeting AI and HPC workloads alongside Bitcoin mining.
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