MARA Holdings transferred 1,650 BTC, valued at roughly $132.8 million, to Galaxy Digital, Copper and several other platforms around November 5, 2026, according to on-chain movement reported by Crypto Briefing.
The recipients include institutional-focused firms Galaxy Digital and Copper. Routing coins to such platforms can indicate a sale, a loan or another liquidity move, though a transfer alone does not confirm that MARA sold the coins, and the company has not specified its intent for this batch.
Second large transfer in weeks
The November transfer follows an earlier movement on October 8-9, 2026, when MARA sent 996.105 BTC, worth around $81.13 million, to a wallet affiliated with Galaxy Digital. Combined, the two transfers put more than 2,600 BTC toward institutional platforms in roughly four weeks.
A shrinking treasury
In the first half of 2026, MARA sold 23,093 BTC for approximately $1.6 billion, or about $70,631 per Bitcoin. The company held 53,822 BTC at the end of 2025; by June 30, 2026, that figure had fallen to 35,577 BTC.
Of the 35,577 BTC held at mid-year, about 9,270 BTC was allocated to digital-asset management strategies.
From Bitcoin holder to compute company
MARA, formerly Marathon Digital Holdings, spent years as one of the most prominent believers in holding mined Bitcoin rather than selling it. The company is now pivoting toward artificial intelligence and high-performance computing while continuing to run its Bitcoin mining business.
In practical terms, MARA appears to be treating part of its Bitcoin pile less like a long-term savings account and more like a funding source for its next business line.
What to watch
For MARA shareholders, the company is giving up some direct Bitcoin exposure in exchange for a bet on AI and high-performance computing revenue. Platforms like Galaxy Digital and Copper may also help MARA avoid dumping coins directly onto public exchanges, since over-the-counter desks and institutional custodians can match large blocks with buyers more quietly, potentially softening the market impact of any sales.
Two developments are worth watching: MARA's next disclosure of its Bitcoin holdings, which will show whether the October and November transfers translated into actual sales, and how much of its remaining treasury stays allocated to digital-asset management strategies versus being liquidated outright.
