MARA moves 1,650 BTC worth $132.8 million to Galaxy Digital, Copper and others
In brief
- 1,650 BTC, worth roughly $132.8 million, moved from MARA to Galaxy Digital, Copper and other platforms.
- Galaxy Digital-affiliated wallet received 996.105 BTC from MARA in October.
- On-chain transfers don't confirm a sale, and MARA hasn't disclosed its intent.
- 23,093 BTC sold by MARA in the first half of 2026 for about $1.6 billion.
Two transfers in four weeks
It's the second batch in less than a month. On October 8-9, MARA sent 996.105 BTC, worth around $81.13 million, to a wallet affiliated with Galaxy Digital, Crypto Briefing reported. Put the two side by side and the miner has moved more than 2,600 BTC toward institutional platforms in roughly four weeks.
Galaxy Digital and Copper both serve institutional clients. Crypto Briefing noted that when a miner routes coins to that kind of platform, it often points toward a sale, a loan or some other liquidity move (it's a pattern, not proof of any one of them).
A transfer isn't a sale.
A shrinking treasury
The backdrop matters. MARA (formerly Marathon Digital Holdings) spent years as one of the most prominent advocates of holding mined bitcoin rather than selling it, and this year's numbers look different. According to company disclosures reported by Crypto Briefing, MARA sold 23,093 BTC in the first half of 2026 for approximately $1.6 billion, which works out to about $70,631 per bitcoin.
Holdings fell too. MARA held 53,822 BTC at the end of 2025 and 35,577 BTC by June 30, with about 9,270 BTC of that mid-year balance allocated to digital-asset management strategies.
The company is pivoting toward artificial intelligence and high-performance computing while keeping its bitcoin mining business running.
What OTC routing means for the market
Crypto Briefing's analysis argues that over-the-counter desks and institutional custodians can match large blocks with buyers more quietly, which may soften the market impact of any sales. That's the outlet's read, not a confirmed outcome. MARA hasn't spelled out its intent for either batch.
MARA's next disclosure of its bitcoin holdings is expected to show whether the October and November transfers turned into actual sales.
Frequently asked questions
Did MARA sell the 1,650 BTC it sent to Galaxy Digital and Copper?
That isn't confirmed. Crypto Briefing reported the coins as a transfer, and the on-chain movement alone doesn't show a sale. MARA hasn't said what it intends to do with the batch. Its next holdings disclosure is expected to show whether the October and November transfers became actual sales.
How much bitcoin has MARA sold in 2026?
MARA sold 23,093 BTC in the first half of 2026 for approximately $1.6 billion, about $70,631 per bitcoin, according to company disclosures reported by Crypto Briefing. Its holdings fell from 53,822 BTC at the end of 2025 to 35,577 BTC by June 30, 2026.
Why do miners send bitcoin to platforms like Galaxy Digital and Copper?
Both firms serve institutional clients. Crypto Briefing said a miner routing coins to such platforms often points toward a sale, a loan or another liquidity move. It added that OTC desks and custodians can match large blocks with buyers more quietly, which may soften market impact.
