MARA transfers $81.1 million in bitcoin (BTC) to Galaxy Digital as strategy pivots to AI
The bitcoin miner’s transfer does not confirm a sale, but comes as its treasury has fallen from 53,822 BTC in February to 35,577 BTC in August.
By James Van Straten|Edited by Jamie Crawley
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Summary
Bitcoin miner MARA Holdings MARA transferred approximately 996 BTC ($81.13 million) to an address identified as belonging to Galaxy Digital, according to data tracked by Lookonchain.
While the coins were moved, the transfer alone does not confirm that Galaxy Digital GLXY executed a sale.
MARA, previously solely focused on bitcoin mining, it has since expanded into artificial intelligence and high-performance computing infrastructure. The company has already begun selling part of its substantial bitcoin treasury to strengthen its balance sheet and support its broader strategy. In March, it sold 15,133 BTC for approximately $1.1 billion, primarily to fund the repurchase of convertible debt.
Hallandale Beach, Florida-based MARA held 53,822 BTC on Feb. 26, according to Bitcoin Treasuries’s historical holdings data. Its holdings decreased steadily to 35,577 by Aug. 7.
MARA shares are 2% higher in pre-market on Friday to $10, as bitcoin has recovered above $82,000 over the past 24 hours.
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