MARA Holdings, formerly Marathon Digital, has sold nearly one-third of its Bitcoin holdings, amounting to $1.1 billion, amid a so-called strategic pivot to AI.
It is one of the largest publicly traded Bitcoin mining companies, controlling 5% of total BTC hashrate.
The company had previously called it a debt-buyback exercise.
MARA also fired 15,000 employees, suggesting the pivot may be due to survival difficulties.
The company is expected to continue selling its other $2.3 billion BTC holdings.
The sales come amid global uncertainty due to conflict, economic slump, and a liquidity crisis.
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