The American miner has initiated staff cuts across multiple departments after selling 15,133 bitcoin to reduce convertible debt.

MARA Holdings has launched a series of layoffs affecting multiple corporate departments, as reported by Blockspace Media. According to internal sources, the layoffs were carried out in stages, with at least two rounds occurring within the same week, between Wednesday and Thursday. The total number of employees affected and the percentage of the workforce involved have not been disclosed, and the company has not issued any public comment.

The workforce reduction comes just days after the completion of a major balance sheet rebalancing operation: between March 4 and March 25, MARA sold 15,133 bitcoin for approximately $1.1 billion. The proceeds were used to repurchase portions of its zero-coupon convertible senior notes due in 2030 and 2031, at an average discount of approximately 9% to face value.

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