MARA’s Bitcoin hoard is changing roles. The American miner transferred approximately 996 BTC, valued at $81.1 million, to an address identified as belonging to Galaxy Digital. This movement does not confirm a sale even if it comes after significant sales of bitcoins. The latter are intended in particular to reduce the debt of the group, which is at the same time developing its activities in artificial intelligence infrastructures.
Key Points
MARA transferred approximately 996 BTC to Galaxy Digital, with no confirmed sales.
The group reported 35,577 BTC as of June 30, compared to 53,822 BTC in February.
In March, MARA sold 15,133 BTC for approximately $1.1 billion, primarily to fund a debt buyout.
The miner acquired a majority stake in Exaion to expand its computing and cloud capabilities.
Bitcoin: MARA mobilizes a treasure previously intended for accumulation
The transfer reported by the US specialist press represents approximately 81.1 million dollars. Galaxy Digital offers several services to institutional investors: trading, financing and custody. The arrival of the funds at this intermediary therefore does not make it possible to determine their final destination, but raises serious suspicion.
Indeed, MARA has already confirmed significant sales this year. Between March 4 and 25, 2026, the group sold 15,133 BTC for approximately $1.1 billion. It announced that it would mainly devote these revenues to the repurchase of convertible bonds, in order to reduce its debt and the potential dilution linked to their conversion into shares.
This management contrasts with the “full HODL” policy announced in July 2024. MARA then intended to keep all of its bitcoin production and supplement its reserves with purchases on the market.
As of June 30, 2026, the company still held 35,577 BTC, including 9,270 lent or given as collateral. This total appeared in its results published in August: it does not constitute an updated count after the October transfer. The drop compared to the 53,822 BTC recorded in February nevertheless reaches around a third.
MARA develops AI and the cloud with Exaion
At the same time, MARA is expanding its activities beyond mining. The group seeks to develop high-performance computing infrastructures, used in particular for artificial intelligence, as well as cloud services intended for businesses.
The acquisition of Exaion, from the EDF group, concretizes this diversification. MARA announced a 64% stake, while EDF remains a minority shareholder and customer. NJJ, Xavier Niel's investment company, is also participating in the arrangement through a stake in MARA France.
The original deal called for around $168 million. However, MARA's quarterly report indicates a total consideration of $174.5 million, including adjustments, for the transaction closed on February 20, 2026. Exaion brings skills in data centers, secure cloud and AI infrastructures.
This diversification does not mean that MARA is abandoning Bitcoin. The company mined another 2,422 BTC in the second quarter. It now combines this production with more active management of its reserves and new industrial investments.
