TLDR
- MARA Holdings stock fell 4.05% on Thursday while Bitcoin slipped just 0.10%.
- The miner moved 1,650 BTC, worth about $132.8 million, to Galaxy Digital, Copper and other platforms.
- The batch works out to roughly $80,500 per coin, above MARAās $70,631 first-half average sale price.
- MARA held 35,577 BTC on June 30, down from 53,822 BTC at the end of 2025.
- Lookonchain says the miner appears to be selling, but MARA has not confirmed a sale.
MARA Holdings stock fell 4.05% on Thursday as on-chain data showed the miner moving another large batch of Bitcoin. Bitcoin itself slipped just 0.10%.
The company sent 1,650 BTC, valued at about $132.8 million, to Galaxy Digital, Copper and other platforms. The transfers took place over roughly 12 hours around November 5.
Binance News relayed a Lookonchain post saying the miner appeared to be selling again. MARA has not confirmed that.
A transfer is not the same as a sale. The company has not said what it plans to do with these coins.
The numbers do offer a price check. Divide $132.8 million by 1,650 coins and you get roughly $80,500 per Bitcoin.
The Price Per Coin
That is well above the $70,631 per Bitcoin MARA averaged in the first half of 2026. In that stretch, the miner sold 23,093 BTC for about $1.6 billion.
The October batch was priced a bit higher. On October 8-9, MARA sent 996.105 BTC to a Galaxy-linked wallet, worth about $81.13 million.
That works out to about $81,400 per coin. Together, the two moves add up to more than 2,600 BTC in about four weeks.
Galaxy Digital and Copper both serve institutional clients. Moves to platforms like these often point to a sale, a loan or another liquidity need.
Over-the-counter desks can also match large blocks with buyers quietly. That keeps big orders off public exchanges.
From Holding to Funding
MARA held 53,822 BTC at the end of 2025. By June 30, 2026, that figure had fallen to 35,577 BTC.
About 9,270 BTC of the mid-year total was allocated to digital-asset management strategies. The rest of the stash was not part of that bucket.
The company, once called Marathon Digital Holdings, long stood out as a believer in holding mined coins. It is now pivoting toward artificial intelligence and high-performance computing.
Mining continues alongside that push. Part of the Bitcoin pile now looks less like savings and more like a funding source.
MARAās next disclosure of its Bitcoin holdings will show whether the October and November transfers became sales. It will also show how much stays in digital-asset management strategies.
The latest word comes from Lookonchain, via Binance News, which said the miner appeared to be selling Bitcoin again.
