MARA Holdings, Inc. has initiated a major capital restructuring plan, repurchasing $1 billion worth of 0.00% convertible preferred notes due in 2030 and 2031 at a discount. The company raised approximately $1.1 billion through the sale of 15,133 Bitcoins for this repurchase, realizing a profit of about $81 million, and reduced its outstanding convertible debt by approximately 30%. Chairman and CEO Fred Thiel stated that this move will strengthen the company's balance sheet, reduce potential shareholder dilution, and enhance the company's financial flexibility as it expands its digital energy and artificial intelligence infrastructure businesses.