I saw that Marathon Digital (MARA) made an interesting move this week. They sold about 15,000 bitcoins for approximately $1.1 billion between March and early April to fund a heavy balance sheet restructuring. Basically, they repurchased $1 billion in convertible notes at a 9% discount, capturing around $88 million in value. A well-calculated move if you ask me.

The most interesting part is that this reduces their convertible debt by nearly 30%, decreasing the total notes outstanding from $3.3 billion to $2.3 billion. Less future dilution risk for shareholders. CEO Fred Thiel commented that it was a strategic capital allocation move to strengthen the balance sheet and position the company for long-term growth.

After the news, the stock rose 10% in pre-market trading. MARA is now holding 38,689 BTC. It’s the kind of thing that shows how these mining companies are thinking differently about their holdings now, taking opportunities to do financial housekeeping even if it means selling some crypto assets.