Bitcoin mining company MARA Holdings has moved 996 Bitcoin (BTC), worth roughly $81.13 million, to a wallet linked to crypto financial services firm Galaxy Digital, according to blockchain data flagged on October 9. The transfer has fueled speculation about another Bitcoin sale by the miner, although no sale has been confirmed so far.
What the On-Chain Data Shows
Lookonchain, an on-chain analytics platform that tracks large crypto wallet movements, flagged the transfer in a post on X at 05:51 GMT on October 9. The account said it appeared MARA had “dumped” 996 BTC. A separate entry on Lookonchain’s news feed described the same movement as a sale.
The screenshot shared with the post cited records from Arkham Intelligence, a blockchain analytics platform that labels wallets by owner. The Arkham data showed 996.105 BTC leaving an address labeled “MARA: Miner (32i1m)” for an address labeled “Galaxy Digital (bc1qv).” The transfer was recorded roughly 10 hours before Lookonchain published its post.
Transfer or Sale? The Picture Remains Unclear
Blockchain records confirm that coins moved between wallets, but they do not show what happened to those coins afterward. Lookonchain’s post did not include a company statement, an exchange trade record, or any other evidence that the Bitcoin was sold on the open market. As of publication, MARA had not stated the transfer.
Galaxy Digital, the firm founded by Mike Novogratz, offers institutional trading, lending and asset management services. A transfer to such a counterparty could point to a potential over-the-counter (OTC) sale, which is a private trade arranged outside public exchanges. It could also relate to custody, collateral, or other treasury activity.
According to Arkham’s MARA entity page, wallets labeled as MARA miner addresses still held about 7,913 BTC after the transfer. This figure covers only addresses Arkham attributes to MARA and may not reflect the company’s total Bitcoin holdings, which MARA reports in its regulatory filings.
MARA Has Already Been Trimming Its Bitcoin Treasury
The transfer follows a series of disclosed Bitcoin sales by the miner this year. In its first quarter (Q1) 2026 filing, MARA reported that it sold about 15,100 BTC for $1.1 billion, alongside a net loss of $1.26 billion for the quarter. The same results included comments that up to 90% of its non-hosted mining capacity could be redirected toward artificial intelligence (AI) and critical IT workloads.
Later, MARA’s quarterly report (Form 10-Q) for the period ended June 30 showed that the company sold about 23,093 BTC in the first half of 2026, generating proceeds of $1.6 billion at an average price of $70,631 per coin.
A Gradual Shift Toward AI Computing
MARA has been expanding beyond Bitcoin mining into AI and high-performance computing (HPC) infrastructure. In July, the company announced plans to acquire a powered site in Texas that would support both Bitcoin mining and AI computing.
Against this backdrop, market watchers are likely to read the Galaxy Digital transfer as a possible sign of continued treasury reduction. However, the purpose of the move remains unknown.
What to Watch Next
Traders will look for any statement from MARA or Galaxy Digital, further outflows from MARA-labeled wallets, and future company disclosures that could clarify whether the coins were sold. Until then, the 996 BTC movement remains a confirmed on-chain transfer, not a confirmed sale.
This article will be updated if MARA shares a response or statement.
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