Crypto Currents: MARA sells $1.1B in Bitcoin to retire debt

The bitcoin treasury model is maturing from passive accumulation into active balance-sheet management. MARA converts bitcoin directly into debt reduction while GameStop pivots its year-old bitcoin position into a yield overlay, and a new crypto-backed mortgage product signals that digital asset collateral is entering mainstream housing finance. Stay up on the crypto news that matters with “Crypto Currents,” daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.

MARA SELLS 15,133 BTC TO RETIRE CONVERTIBLE NOTES AT A DISCOUNT: MARA Holdings (MARA) filed an 8-K this morning disclosing it sold 15,133 BTC, valued at approximately $1.1B, between March 4–25 to fund a private repurchase of about $1B face value of its 0% convertible senior notes due 2030 and 2031, bought back at a combined $88M discount to par. This is the largest single-miner bitcoin sale on record. MARA shares are up 5% today even as bitcoin slides 3.4%, a divergence the market is reading as balance-sheet discipline. The $88M discount capture retires dilutive debt below face value, improving book value and reducing future dilution risk.

BETTER AND COINBASE LAUNCH FIRST CRYPTO-BACKED CONFORMING MORTGAGE: Better Home & Finance COIN“>(COIN) announced the first token-backed, Fannie Mae (FNMA)–conforming mortgage in the U.S., allowing homebuyers to pledge bitcoin (BTC-USD) or USDC (USDC-USD) as collateral without liquidating crypto holdings. Coinbase One members are eligible for up to $10,000 in origination rebates. Fannie Mae’s implicit acceptance of crypto-linked collateral is a structurally significant development for mortgage finance and signals new custody fee revenue for Coinbase.

GAMESTOP PLEDGES 4,709 BTC TO COINBASE CREDIT AS COVERED CALL COLLATERAL: Exactly one year after adopting bitcoin as a treasury reserve asset, GameStop has pledged 4,709 of its 4,710 BTC to Coinbase Credit as collateral for a covered call options strategy, retaining just one bitcoin in unrestricted custody, per Sherwood News. The company simultaneously disclosed a $131.6M unrealized loss on its digital asset holdings and its lowest holiday-quarter revenue in 20 years. For equity analysts, the shift from a simple buy-and-hold treasury posture to an active yield-overlay structure introduces counterparty risk and options assignment risk, and Coinbase is the direct beneficiary, receiving the collateral and earning fees through its Credit product.

PRICE ACTION: As of time of writing, bitcoin was trading at $69,012.82, while ether was trading at $2,066.19, according to price data from TipRanks.