Bitcoin miner MARA Holdings has begun a series of company-wide job cuts affecting multiple divisions, marking the latest shift in the company’s broader restructuring strategy, Blockspace Media reports.
Sources said the layoffs were “ongoing” and being implemented in stages, with at least two rounds of cuts taking place this week, on Wednesday and Thursday. The total number of employees affected and the percentage of employees affected were not disclosed, and the company has not publicly commented on the layoffs.
The layoffs come days after MARA completed a major balance sheet restructuring that saw it sell 15,133 Bitcoins for approximately $1.1 billion between March 4 and March 25. The proceeds were used to repurchase a portion of its outstanding 0.00% convertible notes due in 2030 and 2031, allowing the company to repay the debt at an average discount of approximately 9% from face value.
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. The transaction is expected to generate approximately $88.1 million in cash savings and is expected to reduce the company’s total convertible debt by approximately 30%, from approximately $3.3 billion to $2.3 billion.
Following the repurchase, MARA has outstanding balances of $632.5 million in 2030 notes and $291.6 million in 2031 notes. Other tranches of convertible notes, including $48.1 million due in 2026, $300 million due in 2031, and $1.025 billion due in 2032, remain unchanged.
CEO Fred Thiel had previously positioned the Bitcoin sale as part of an intentional capital allocation strategy aimed at strengthening the company’s balance sheet while preserving long-term shareholder value. He said the move will provide greater financial flexibility and position the company to expand beyond traditional Bitcoin mining.
Bitcoin miners are shifting their focus to AI
This expansion includes an increased focus on artificial intelligence and high-performance computing (HPC), areas where MARA is leveraging its expertise in energy infrastructure and data center operations. The company is increasingly positioning itself as a digital energy and computing provider rather than a pure Bitcoin miner.
As part of this change, MARA also indicated that selling Bitcoin could become a recurring element of its financial strategy. The company said it plans to sell BTC “from time to time” throughout 2026 to support liquidity needs and fund corporate initiatives.
This development took place in a difficult environment for Bitcoin miners. Bitcoin miners are weathering shrinking margins, increasing competition, and increasing pressure to diversify revenue sources beyond block rewards.
For MARA, the combination of debt reduction, Bitcoin sales, and job cuts signals a company in transition, prioritizing balance sheet strength and strategic repositioning as it moves into AI and energy infrastructure.
