TLDR
- MARA Holdings moved 1,650 BTC, worth about $132.8 million, to Galaxy Digital, Copper and other platforms around November 5.
- MARA stock fell 4.05% while Bitcoin edged down 0.10%.
- The transfer follows 996.105 BTC sent to a Galaxy-linked wallet on October 8-9.
- MARA held 35,577 BTC on June 30, down from 53,822 BTC at the end of 2025.
- A transfer is not a confirmed sale, and the company has not explained its intent.
MARA Holdings stock dropped 4.05% on Thursday after on-chain data showed another big Bitcoin move. The miner sent 1,650 BTC, worth roughly $132.8 million, to several trading platforms.
Bitcoin barely budged on the day, down 0.10%. So the pressure on MARA looks tied to the company’s own wallet activity.
Galaxy Digital and Copper were named among the recipients. Both serve institutional clients.
Bitcoin miner MARA Holdings (@MARA) appears to be dumping $BTC again.
Over the past 12 hours, #MARA transferred 1,650 $BTC ($132.8M) to Galaxy Digital, Copper, and other platforms.https://t.co/fTOd8FQMxR pic.twitter.com/KZZhxukt5u
— Lookonchain (@lookonchain) November 5, 2026
Binance News said the transfers happened over a 12-hour window. It cited Lookonchain, which said the miner appeared to be selling again.
That claim is not confirmed. A transfer by itself does not prove a sale, and MARA has not said what it plans to do with these coins.
A Second Batch in Four Weeks
This is not the first move of its kind. On October 8-9, MARA sent 996.105 BTC to a wallet tied to Galaxy Digital, worth about $81.13 million at the time.
Add the two together and MARA has pushed more than 2,600 BTC toward institutional platforms in about a month. That is a lot of coin on the move in a short stretch.
Sending coins to desks like these often points to a sale, a loan or another liquidity need. It can also be a way to place large blocks without hitting public exchanges.
Over-the-counter desks can match big orders with buyers more quietly. That can soften the market impact of any sale.
What the Balance Sheet Shows
The company has been selling for a while. In the first half of 2026, MARA sold 23,093 BTC for about $1.6 billion, or roughly $70,631 per coin.
MARA held 53,822 Bitcoin at the end of 2025. By June 30, 2026, that number had dropped to 35,577 BTC.
Not all of that stash is idle. About 9,270 BTC of the mid-year total was allocated to digital-asset management strategies.
MARA, once known as Marathon Digital Holdings, spent years as a loud believer in holding mined Bitcoin. Now it is pivoting toward artificial intelligence and high-performance computing, while keeping its mining operation running.
In plain terms, part of the Bitcoin pile now looks less like a savings account and more like a funding source. The AI push is the next business line.
The next thing to watch is MARA’s coming disclosure of its Bitcoin holdings. It will show whether the October and November transfers became actual sales.
Also in focus is how much of the remaining treasury stays in digital-asset management strategies. The latest report from Lookonchain, relayed by Binance News, says the miner appeared to be selling Bitcoin again.
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