On March 25, 2026, MARA Holdings, Inc. entered into privately negotiated repurchase agreements to repurchase $367.5 million principal of 2030 Notes for $322.9 million and $633.4 million principal of 2031 Notes for $589.9 million, funded by $1.1 billion bitcoin sales between March 4 and March 25, 2026. This reduces total convertible note indebtedness from $3,298,077,000 as of December 31, 2025 to $2,297,201,000 post-transaction.