MARA Holdings, the publicly traded Bitcoin miner formerly known as Marathon Digital, transferred 1,650 BTC—valued at roughly $132.8 million—to Galaxy Digital, Copper and other institutional desks. The on‑chain activity was detected on November 5 and was followed by a 4.05% decline in MARA’s shares, while Bitcoin itself slipped only 0.10% on the day. The move adds to a series of large BTC transfers the company has made in recent weeks.

BTC / USD
Source: CoinGecko. Prices are indicative.

Recent on‑chain activity

According to data cited by Lookonchain and reported by CoinCentral, the 1,650‑BTC transfer occurred over a 12‑hour period and was routed through multiple trading platforms that serve institutional clients. This follows an earlier transfer of 996.105 BTC to a Galaxy‑linked wallet on October 8‑9, valued at about $81 million at the time. Combined, MARA has moved more than 2,600 BTC to institutional desks within a month, a pattern that often points to sales, loans, or other liquidity‑raising actions.

Impact on holdings and strategy

MARA’s Bitcoin balance has been shrinking. The company held 53,822 BTC at the end of 2025, but by June 30, 2026 the stash fell to 35,577 BTC, according to its disclosures. About 9,270 BTC of that mid‑year total is allocated to digital‑asset management strategies, while the remainder supports the miner’s core operations. The firm has been diversifying into artificial‑intelligence and high‑performance computing, suggesting that part of its treasury is being repurposed as a funding source rather than a long‑term store of value.

What to watch next

Investors will be looking for MARA’s upcoming disclosure of its Bitcoin holdings to confirm whether the recent transfers resulted in actual sales. Further on‑chain movements, especially to OTC desks, could provide clues about the company’s liquidity needs. Additionally, the performance of MARA’s AI and HPC initiatives will be monitored as the miner pivots beyond pure Bitcoin mining.