MARA Holdings (NASDAQ:MARA) sold 15,133 Bitcoin (CRYPTO: BTC) between March 4 and March 25 for approximately $1.1 billion, using the proceeds to repurchase roughly $1 billion of its convertible notes due 2030 and 2031. The sale slashed MARA’s holdings by about 28%.
The kicker: MARA disclosed separately that it bought 4,267 BTC in 2025 at an average price of around $111,000: roughly $45,000 above where the token trades today.
Lekker Capital CIO Calls It A ‘Major Unwind’
Quinn Thompson, CIO of hedge fund Lekker Capital, wrote on X that MARA is now a “distressed seller” and called this “just the beginning of a major unwind across the sector.”
Thompson’s thesis centers on a paradox. Bitcoin mining economics are in crisis, and the only way they heal is through a decline in hashrate, which is being driven by companies like Core Scientific
This post was originally published here
