MARA Holdings, a miner pivoting to AI, moved 996 Bitcoin (BTC), worth about $81 million, to a wallet labeled Galaxy Digital, and on-chain data does not show a sale.
Key Points:
- MARA sent 996 BTC, valued near $81.13 million, to a wallet labeled Galaxy Digital on Oct. 8.
- Blockchain records do not confirm a sale, and the company has offered no public explanation.
- The miner's reported treasury fell from 53,822 BTC in February to 35,577 BTC by Jun. 30.
MARA Bitcoin Transfer
On-chain tracker Lookonchain flagged the transaction Friday, citing data from Arkham Intelligence. The transfer carried 996.105 BTC, valued at roughly $81.13 million, from a wallet labeled MARA Miner to an address tagged as Galaxy Digital.
The coins moved Thursday, Oct. 8, several hours before the post appeared. Lookonchain wrote that MARA appeared to have "dumped" the Bitcoin.
Blockchain records do not establish whether Galaxy Digital sold the coins for MARA, took custody of them or received them for another purpose.
MARA had not publicly explained the transfer as of Friday morning. The amount equals roughly 2.8% of the Bitcoin the company reported holding at the end of June.
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Sigel, Lookonchain Dispute
Lookonchain's reading of MARA wallets has been challenged before. In June, the tracker suggested the miner had bought 1,000 BTC through FalconX, a claim that Matthew Sigel, head of digital assets research at VanEck, publicly rejected. Sigel said MARA had lent out the coins and simply received them back.
That history matters because the latest transfer could raise concerns about selling pressure, yet Galaxy Digital also offers trading, asset management and other services to institutions. MARA shares rose about 2% to roughly $10 in premarket trading Friday, while Bitcoin recovered above $82,000 after a selloff that liquidated more than $1 billion in leveraged bets.
MARA AI Pivot
MARA has steered capital toward power and data centers this year. It partnered with Starwood Capital Group in February and agreed to buy Long Ridge Energy & Power, an Ohio gas plant and data center campus with 505 megawatts of expected capacity, for $1.5 billion. In August, the company borrowed $600 million from Coinbase Credit and Two Prime Lending against 18,750 BTC, with proceeds earmarked partly for that purchase.
The treasury has shrunk alongside that buildout, and Bitcoin Treasuries data shows 35,577 BTC, the balance MARA reported for Jun. 30, down from 53,822 BTC on Feb. 26. The company sold about 20,880 BTC for roughly $1.5 billion in the first quarter, including 15,133 BTC in March to repurchase convertible notes.
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