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MARA Holdings has moved another large pile of Bitcoin off its books and toward the trading desks. The miner transferred 1,650 BTC, valued at roughly $132.8 million, to Galaxy Digital, Copper, and several other platforms around November 5, 2026.
The 1,650 BTC went to a mix of destinations, with Galaxy Digital and Copper named among the recipients. Both firms serve institutional clients. When a miner routes coins to that kind of platform, it often points toward a sale, a loan, or some other liquidity move.
A transfer is not the same as a sale. Nothing in the on-chain movement itself confirms that MARA sold these coins, and the company’s exact intent for this batch has not been spelled out.
Still, the timing is hard to ignore. Less than a month earlier, on October 8-9, 2026, MARA sent 996.105 BTC to a wallet affiliated with Galaxy Digital. That earlier batch was worth around $81.13 million.
Put the two transfers side by side and MARA has pushed more than 2,600 BTC toward institutional platforms in roughly four weeks.
A treasury that keeps shrinking
In the first half of 2026, MARA sold 23,093 BTC for approximately $1.6 billion. That works out to about $70,631 per Bitcoin.
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Those sales left a visible dent. MARA held 53,822 BTC at the end of 2025. By June 30, 2026, that figure had fallen to 35,577 BTC.
Not all of the remaining stash is sitting idle. Of the 35,577 BTC held at mid-year, about 9,270 BTC was allocated to digital-asset management strategies.
From Bitcoin hoarder to compute company
MARA, which used to go by Marathon Digital Holdings, spent years as one of the most prominent believers in holding mined Bitcoin rather than selling it. The company is pivoting toward artificial intelligence and high-performance computing while keeping its Bitcoin mining business running.
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 this means for MARA holders and the Bitcoin market
For MARA shareholders, the company is giving up some of its 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. Over-the-counter desks and institutional custodians can match large blocks with buyers more quietly, which may soften the market impact of any sales.
There are a few things worth watching from here. The first is MARA’s next disclosure of its Bitcoin holdings, which will show whether the October and November transfers translated into actual sales. The second is how much of its remaining treasury stays allocated to digital-asset management strategies versus being liquidated outright.
