MARA Holdings (MARA) reportedly cut about 15% of its workforce and sold more than 15,000 Bitcoin ($BTC) The company raised $1.1 billion to exit convertible debt as it pivots from Bitcoin mining to AI and energy infrastructure.
CEO Fred Thiel confirmed the layoffs in an internal memo, calling them “strategic” rather than purely financial, citing the company’s new direction after partnering with Starwood Digital Ventures and Exion.
MARA cuts staff by 15% and sells $1.1 billion in Bitcoin to raise funding for AI Pivot
According to sources familiar with the matter, the layoffs were spread across multiple departments through early April.
Scoop: Bitcoin miner @MARA implements company-wide workforce reductions per @blockspace
Our sources say $MARA has laid off staff in multiple departments. Blockspace is unable to confirm the number or percentage of employees affected at this time.
A source says layoffs are “in progress”… pic.twitter.com/R6JDaJQDF8
— Blockspace (@blockspace) April 2, 2026
MARA’s Form 10-K filing reported approximately 266 full-time employees as of December 31, 2025. Therefore, a 15% reduction means approximately 40 positions will be eliminated.
Affected staff members were given 13 weeks of severance pay in addition to one month of paid leave until April 30th.
From March 4th to March 25th, MARA sold 15,133 pieces $BTC The purchase price was approximately $1.1 billion, and the proceeds were used to buy back 0.00% convertible bonds maturing in 2030 and 2031 at a discount of approximately 9% from face value.
The move reduces the company’s convertible debt balance by approximately 30%, from $3.3 billion to $2.3 billion. $BTC Number of shares held increased by 28% from approximately 53,822 $BTC Up to 38,689 $BTC.
MARA hints at the possibility of further sales and says it plans to sell $BTC It will fund operations and corporate initiatives “from time to time” throughout 2026.
The restructuring comes after MARA posted a net loss of approximately $1.3 billion in 2025 as post-halving economic conditions compressed mining margins across the industry.
The company currently operates 18 data centers with approximately 1.9 GW of capacity across four continents, targeting AI and HPC workloads alongside Bitcoin mining.
