Bitcoin miner MARA Holdings has started a series of corporate projects involving multiple departments, according to to announce from Blockspace Media, which marks the latest shift in the industry’s strategic restructuring.
Those familiar with the matter said the removals were “ongoing” and being carried out gradually, with at least two more visits this week on Wednesday and Thursday. The total number of employees affected — and the number of employees affected — has not been disclosed, and the company has not publicly announced the cuts.
The job cuts come just days after MARA completed a major site redesign which involved the sale of 15,133 bitcoins for about $1.1 billion between March 4 and March 25. The money was used to redeem shares of its senior notes of 0.00% convertible due in 2030 and 2031, allowing the company to leave debt at a discount of about 9% to match.
In total, MARA repurchased $367.5 million of its $322.9 million 2030 notes and $633.4 million of its $589.9 million 2031 notes. The transaction is expected to generate approximately $88.1 million in cost savings and reduce the company’s total debt by 30%, from approximately $3.3 billion to $2.3 billion.
After repurchasing, MARA has now said $632.5 million in 2030 notes and $291.6 million in 2031 notes remain. Other revolving loans — including $48.1 million due in 2026, $300 million due in 2031, and $1.025 billion due in 2032 — remain unchanged.
CEO Fred Thiel already recorded selling bitcoin as part of a deliberate capital allocation strategy aimed at strengthening the company’s cash flow and preserving long-term shareholder value. He said the move would improve financial flexibility and position the company for expansion beyond traditional bitcoin mining.
Bitcoin miners are turning to AI
This expansion includes a focus on technology and high-performance computing (HPC), areas where MARA wants to improve its infrastructure and data center services. The company has positioned itself as a provider of electronics and computers, rather than a bitcoin miner.
As part of this change, MARA has also indicated that bitcoin trading can be a permanent asset in its financial system. The company said it plans to sell BTC “from time to time” in 2026 to support the company’s funding and financing needs.
Events come within a difficult environment for bitcoin minerswhich are moving towards lower margins, increased competition, and more and more include ways to earn money beyond block rewards.
For MARA, the combination of debt reduction, bitcoin sales, and workforce reductions reflect a company that is changing — prioritizing site strengths and repositioning itself as it moves deeper into AI and electronic infrastructure.
