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BTC MARA Holdings transfers nearly US$81 million in bitcoins to Galaxy Digital, and the chain data does not show a sale.
MARA Holdings, a mining company that is transforming into artificial intelligence, transferred 996 bitcoins (BTC) worth approximately US$81 million to an address labeled Galaxy Digital on October 8. However, online data does not show that the transfer involved the sale of Bitcoin.
Key Points
· MARA sent 996 BTC units valued at nearly US$81.13 million on October 8 to the address marked Galaxy Digital.
·Blockchain records failed to confirm the sale, and the company has not provided a public explanation.
·The company's Bitcoin holdings have dropped from 53,822 in February to 35,577 on June 30.
MARA Bitcoin Transfer Details
On-chain tracking platform Lookonchain quoted data from Arkham Intelligence on Friday as stating that a transaction containing 996.105 BTC (worth approximately US$81.13 million) was transferred from an address marked "MARA Miner" to an address marked as Galaxy Digital. The actual transfer time of the funds was Thursday (October 8), a few hours before the relevant post was posted. Lookonchain has written that MARA appears to have "sold" these bitcoins.
However, blockchain records do not clarify whether Galaxy Digital sold the coins on its behalf, took over custody, or received the assets for other purposes. As of Friday morning, MARA had not publicly explained the transfer. This amount accounted for approximately 2.8% of the company's total Bitcoin holdings announced at the end of June.
Historical controversy between Lookonchain and Sigel
Lookonchain's analysis of the MARA wallet has previously been questioned. In June, the platform claimed that miners purchased 1000 BTC through FalconX, but Matthew Sigel, director of digital asset research at VanEck, publicly refuted this claim. Sigel said MARA had previously lent the coins and was only withdrawing them this time.
This historical background is significant because the latest transfers may raise concerns about selling pressure, but Galaxy Digital also provides trading, asset management and other services to institutional clients. Affected by the news, MARA shares rose about 2% to about $10 in pre-market trading on Friday, while Bitcoin also recovered the $82,000 mark after clearing a wave of selling more than $1 billion in leveraged positions.
MARA's strategic transformation: Focus on AI infrastructure
Since the beginning of this year, MARA has shifted its capital focus to the construction of power and data centers. In February, the company partnered with Starwood Capital Group to agree to pay $1.5 billion for the Long Ridge Energy & Power project in Ohio, which includes a gas-fired power plant and data center park with an expected capacity of 505 megawatts. In August, the company secured $600 million in loans from Coinbase Credit and Two Prime Lending using 18,750 BTC as collateral, with some of the funds used for the acquisition.
As infrastructure construction advances, the company's Bitcoin reserves are also shrinking. According to Bitcoin Treasures data, MARA reported a bitcoin balance of 35,577 on June 30, down from 53,822 on February 26. In addition, the company sold approximately 20,880 BTC units in the first quarter in exchange for approximately US$1.5 billion in cash, including 15,133 BTC units sold in March to repurchase convertible notes.
