MARA is preparing to sell Bitcoin again?
Bitcoin mining company MARA Holdings transferred 1,000 bitcoins to cryptocurrency exchanges Binance and Gate within the past five days, which is valued at approximately $82.8 million based on current rates. This has sparked speculation that its bitcoin reserves may be sold again.
- According to Lookonchain, the wallet associated with MARA transferred 1,000 Bitcoins, worth approximately 82.8 million US dollars, to Binance and Gate over the past five days.
- The previous transfer occurred on October 8th, involving 996 Bitcoins, worth approximately 81 million US dollars, and was transferred to a wallet related to Galaxy Digital.
- MARA sold approximately 23,093 bitcoins in the first half of 2026, cashing in $1.63 billion to reduce debt and fund operations.
- The latest exchanges transfers have raised questions about further sales of Bitcoin, but it has not yet been confirmed whether the transactions have been completed.
On October 19, blockchain analysis platform Lookonchain reported that wallets associated with MARA had deposited these bitcoins into the aforementioned two exchanges, suggesting that the company may be preparing to sell some of its holdings.
These transactions involve wallet addresses identified through blockchain-traced data, including those related to the MARA mining business.
According to the wallet activity referenced by Lookonchain, the funds passed through multiple addresses before reaching the reported exchange destination.
However, these transfers alone do not prove that MARA has sold Bitcoin. The company has not publicly stated the purpose of these transactions, and the existing records cannot indicate whether the funds have been exchanged for cash, used for transactions, or transferred for other purposes.
It is reported that this activity continues a series of Bitcoin sales and fund management transactions by MARA in 2026. At that time, the company began to utilize more cryptocurrency reserves to fund its operations, repay debts, and support investments in digital infrastructure.
A Bitcoin transfer involving MARA followed closely after another transaction of $81 million.
MARA The latest deposit activity at this exchange occurred less than two weeks before another large-scale Bitcoin transfer related to the same company.
On October 9th, crypto.news reported that 996.105 bitcoins from a wallet associated with MARA were transferred to an address identified as belonging to Galaxy Digital, with a value of approximately 81.13 million US dollars.
Lookonchain marked this transaction after detecting the on-chain transfer.
This transfer occurred on October 8th and involved the transfer of Bitcoin from a wallet labeled as belonging to a miner with the identifier MARA.
Although this transaction sparked speculation about possible sales, the on-chain activities do not prove whether Galaxy Digital purchased these assets or received them as part of some other financial arrangement.
The latest deposits are different; the funds are flowing to Binance and Gate, rather than Galaxy Digital.
The discovery confirmed by Lookonchain these transactions between exchanges, but it does not prove whether the associated bitcoins are newly mined or assets that were previously held in the MARA treasury.
These two reported transfers total approximately 1,996 bitcoins, valued at around $164 million based on the US dollar amounts disclosed in each transaction. However, the current evidence does not provide proof that these transfers involved different cryptocurrencies, or that any assets were subsequently transferred again between these identified destinations.
MARA has previously acknowledged that the transfer of its Bitcoin reserves does not necessarily imply a direct sale.
In the third-quarter 2025 shareholder letter, the company disclosed that it had begun to actively manage some of its Bitcoin holdings through trading activities, which may lead to fluctuations in wallet balances.
The company stated that most of the Bitcoin it uses for proactive management strategies is still involved in lending arrangements.
MARA sold over $1.6 billion in Bitcoin in the first half of the year
The exchange activities reported by MARA occurred after the company significantly reduced its Bitcoin reserves in the first six months of 2026.
According to its financial disclosures, this mining company sold approximately 23,093 bitcoins in the first half of the year, cashing in about $1.63 billion.
Sales were mainly concentrated in the first quarter, during which MARA disposed of 20,880 Bitcoins at an average price of approximately $70,137 each.
These transactions brought in nearly $1.5 billion in funds, and the company used this to seek more liquidity and reduce its outstanding debt.
In March, MARA announced that it sold 15,133 bitcoins from March 4 to March 25, cashing in approximately $1.1 billion.
According to the company's official announcement, this funds are intended to be used to support the repurchase of convertible preferred notes that will mature in 2030 and 2031.
The company stated that these repurchase transactions are expected to reduce the outstanding convertible debt by approximately 30% and will result in savings of about $88.1 million before deducting transaction costs.
MARA continued to sell Bitcoin in the second quarter, disposing of another 2,213 coins at an average price of $73,078 each.
During the same period, the company produced 2,422 Bitcoins, bringing its total holdings slightly above the level at the end of March.
As of June 30th, MARA held 35,577 Bitcoins, whereas by the end of December 2025, that number increased to 53,822.
Calculated at a reference price of $58,524 per coin, the remaining Bitcoin holdings were worth approximately $2.1 billion at the end of June.
The second-quarter financial report of MARA shows that revenue decreased by 27% year-on-year to $174.9 million; the company incurred a net loss of $611.3 million.
The company attributed part of its performance to changes in the fair value of digital assets, with losses related to Bitcoin and related receivables amounting to approximately $343 million.
Despite weak financial results, Bitcoin production still increased by 3% year-on-year, and the computing power that has been powered on has reached 70.3 EH. /s
MARA The second-quarter shareholder letter stated that, as long as the market environment and capital demand support it, the company expects to continue to realize cash flows by selling Bitcoin.
The policy allows companies to fund their operations by selling Bitcoin, replenish liquidity, and finance capital projects.
Bitcoin reserves are supporting the financing plan of MARA.
MARA is increasingly using its Bitcoin holdings for financing arrangements, while also directly selling Bitcoin.
In August, the company used 18,750 bitcoins as initial collateral for two credit lines, thereby obtaining an additional loan of $600 million.
The relevant arrangements involve Coinbase Credit and Two Prime Lending; both parties will provide an additional $300 million in financing each.
The quota for Coinbase includes a refinancing of the existing $150 million credit line, bringing its total principal to $450 million.
Two Prime provided a separate loan of $300 million with a fixed annual interest rate of 7.65%.
The weighted average borrowing cost of these financings is approximately 7.56%.
MARA indicates that this funds can be used for general company purposes, including paying part of the cash consideration for the planned acquisition of Long Ridge Energy and Power.
As of the end of June, the company had allocated 9,270 Bitcoins into its digital asset management strategy.
Of these, 4,742 have been lent to counterparties, and another 4,528 are used as collateral for quality assurance.
The remaining 26,307 bitcoins were classified as unencumbered holdings as of the reporting date.
In the second quarter, the company earned approximately $4.3 million in interest income through Bitcoin lending arrangements.
The declaration documents for MARA distinguish between Bitcoin held without any liability, assets lent to trading counterparts, and Bitcoin used as collateral for loans.
The company has not yet disclosed whether the latest deposit of 1,000 bitcoins into the exchange is related to these existing financing arrangements.
MARA Continues to invest in artificial intelligence and energy infrastructure
The Bitcoin treasury strategy of MARA is being advanced in tandem with its investments in artificial intelligence, power generation, and high-performance computing infrastructure.
The company has been expanding its operations beyond traditional Bitcoin mining by acquiring energy assets and developing facilities capable of supporting computational workloads.
Its plan to acquire Long Ridge Energy and Power involves a 505-megawatt natural gas power plant in Ohio, as well as a site that can ultimately support more than 1 gigawatt of computing capacity.
The proposed transaction is valued at approximately $1.5 billion and is part of the efforts by MARA to control the energy infrastructure used for its mining and computing operations.
The company has listed Bitcoin-backed loans as one of the financing sources for this acquisition.
MARA is also advancing another large-scale development project in Texas, having acquired a live site covering 1,200 acres with the potential to connect to a power grid capacity of up to 2 gigawatts in the future.
The project in Dezhou aims to provide more digital infrastructure for the company to expand its computing business.
Management stated that if the existing assets and planned development projects are taken into consideration together, the potential power generation capacity could reach approximately 4.8 gigawatts.
The company previously disclosed that it was evaluating the possibility of converting some of its Bitcoin mining capacity to artificial intelligence and other computing applications.
The strategy of MARA includes reviewing whether up to 90% of the unmanaged mining capacity can be converted, however, the company has not promised to convert all of that capacity.
Its second-quarter shareholder letter listed the acquisition of power, land, and computing infrastructure as key areas for future investment.
The company reported that the cost of purchasing electricity from its own facilities this quarter was approximately $38,690 per Bitcoin.
MARA mined 2,422 bitcoins in that quarter and stated that no bitcoins were purchased in the second quarter.
The company's financial disclosure states that Bitcoin will still be part of its capital management strategy, and its holdings can be used for lending, collateral arrangements, and sales as needed by the business.
The company stated that its decision to liquidate its Bitcoin holdings still depends on market conditions and the priorities of capital allocation.
