Bitcoin miner MARA moves $81 million of bitcoin to Galaxy as it shifts toward AI
One of the biggest bitcoin miners is moving coins again. MARA Holdings sent about 996 bitcoin, worth roughly $81.1 million, to an address identified as belonging to Galaxy Digital, on-chain tracker Lookonchain flagged on Friday, CoinDesk reported. A transfer to a trading firm often comes before a sale, but CoinDesk noted this one does not confirm that the coins were sold.
The move fits a pattern. MARA held 53,822 bitcoin on February 26 and 35,577 by August 7, according to Bitcoin Treasuries, a drop of 18,245 coins. In March it sold 15,133 bitcoin for about $1.1 billion, mostly to buy back convertible debt.
The company, once focused only on mining bitcoin, has been expanding into artificial intelligence and high-performance computing, where the same power and data center capacity can earn steadier revenue. Several miners have made a similar shift as the reward for mining a block has shrunk.
What to watch: whether MARA's next update shows a sale, and how much of its bitcoin it keeps as it leans further into AI.
This story is reporting and analysis. It is not financial, legal or tax advice.
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