MARA Sends $81.1M in Bitcoin to Galaxy as AI Pivot Reshapes Treasury

MARA Holdings moved about 996 BTC, worth $81.13 million, to an address identified as belonging to Galaxy Digital, according to on-chain data tracked by Lookonchain. The sending wallet was labeled MARA Miner, the receiving one Galaxy Digital.

The transfer alone does not confirm that Galaxy Digital sold the coins on MARA's behalf. The number behind it is the one that matters for anyone holding bitcoin: MARA's treasury has fallen from 53,822 BTC on Feb. 26 to 35,577 BTC by Aug. 7, according to Bitcoin Treasuries' historical holdings data.

What the Transfer Shows, and What It Does Not

The coins moved were 996.105 BTC, roughly 2.8% of the 35,577 BTC MARA reported holding as of June 30. No transaction-specific explanation from the company was available in the material reviewed.

The on-chain claim itself carries an asterisk. Lookonchain's original post could not be opened, so the wallet labels are quoted from secondary reporting of it. That does not make the transfer false, but it does mean the labels are the tracker's, not MARA's or Galaxy's.

MARA Has Been Selling Bitcoin Since the Start of the Year

The direction is not new. MARA has already begun selling part of its treasury to strengthen its balance sheet and support its broader strategy. In March it sold 15,133 BTC for about $1.1 billion, primarily to repurchase convertible debt. Across the first half of 2026 it sold 23,093 BTC for roughly $1.6 billion, an average of $70,631 per coin.

It ended June with 35,577 BTC worth about $2.1 billion, down from 53,822 BTC valued at $4.7 billion at the end of 2025. Some of the money went back to lenders: $912.8 million bought back about $1 billion of principal on zero-coupon convertibles due 2030 and 2031, at roughly a 9% discount to par, recognising a $70.6 million gain.

Not every missing coin was sold. Coins also sat in lending and collateral programs. At June 30, MARA retained 26,307 unrestricted BTC worth about $1.5 billion, had loaned 4,742 BTC to third parties and pledged another 4,528 BTC as collateral. Bitcoin lending generated $10.7 million of first-half interest income.

The AI Pivot Is Where the Bitcoin Goes

MARA was previously solely focused on bitcoin mining and has since expanded into artificial intelligence and high-performance computing infrastructure. Its second quarter shareholder letter is blunt about the priority:

Digital Infrastructure is our primary growth focus.

The quarter behind that pivot was weak. Revenue came in at $174.9 million, down 27% from the previous year, with a net loss of $611.3 million. In the same quarter the company sold 2,213 BTC and had another 4,742 BTC deployed through lending arrangements.

Borrowing added fresh claims on the treasury. In August, MARA pledged 18,750 BTC as initial collateral for $600 million in new borrowing, split evenly between Coinbase Credit and Two Prime Lending. Earlier that month, Lookonchain flagged a 6,000 BTC transfer from MARA to Two Prime, worth about $384.6 million at the time.

A June episode shows how easily these readings go wrong. Lookonchain suggested MARA had bought 1,000 BTC through FalconX, and VanEck's head of digital assets research, Matthew Sigel, disputed the purchase claim, saying the transaction likely involved the return of collateral from a Bitcoin-backed loan.

What It Means for Bitcoin Supply

A single 996 BTC move is small next to what MARA has already sold this year. The pattern matters more: a miner that once held everything it mined is now a seller and a borrower, using its coins to retire debt and fund data centres.

The market took the transfer in its stride. MARA shares were 2% higher in pre-market at $10, with bitcoin above $82,000, on the day of the report. Bitcoin had fallen from about $85,578 on Oct. 6 to $81,706 at the Oct. 8 close, touching an intraday low near $80,514 before recovering to trade near $82,300.

Two gaps are worth watching. MARA's holdings after the Oct. 9 transfer are not confirmed, and the most recent figure the records support is 35,577 BTC as of June 30. The Long Ridge transaction is still awaiting FERC approval, the Q2 letter said, so the infrastructure the AI strategy depends on has not closed.