MARA’s Bitcoin transfers have put another 1,000 BTC, valued at about $82.8 million, into Binance and Gate over the past five days, Lookonchain reported on October 19, 2026. The blockchain analytics firm described the deposits as consistent with possible selling, but the movements do not establish that MARA Holdings completed a sale.
Key takeaways
- Reported October movements from MARA-linked wallets total roughly 1,996 BTC.
- MARA disclosed approximately $1.63 billion in Bitcoin sales during the first half of 2026.
- Bitcoin-backed borrowing also supports the miner’s infrastructure investment plans.
MARA’s Bitcoin transfers reach exchanges and Galaxy Digital
The latest deposits sent Bitcoin from MARA-linked wallets to Binance and Gate, following a separate large movement to Galaxy Digital earlier in October. Lookonchain tracked the exchange deposits through multiple addresses and shared an Arkham Intelligence explorer page identifying one of the wallets involved.
On October 8, 2026, a wallet labeled “MARA Miner” transferred 996.105 BTC to an address associated with Galaxy Digital. Those coins were valued at approximately $81.13 million at the time. Blockchain records establish the transfer, not a subsequent sale.
The two reported batches amount to approximately 1,996 BTC moved during October. That is a total of reported movements, rather than proof that each batch contained distinct coins. The purpose of the Binance and Gate deposits remains unconfirmed.
Reserves fell as MARA expanded Bitcoin sales
According to the second-quarter shareholder letter it submitted to the U.S. Securities and Exchange Commission, MARA’s bitcoin holdings stood at 35,577 BTC as of June 30, 2026, a 29% decline compared with the prior year. The total included 9,270 BTC either lent to counterparties or pledged as collateral.
The breakdown comprised 4,742 BTC on loan, 4,528 BTC pledged and 26,307 BTC classified as unrestricted. Bitcoin lending generated approximately $4.3 million in interest income during the quarter.
In the second quarter of 2026, MARA produced 2,422 BTC through mining and offloaded 2,213 BTC, fetching an average sale price of $73,078. It purchased no Bitcoin. Across the first half, its financial disclosures show sales of approximately 23,093 BTC for roughly $1.63 billion, with most sales concentrated in the first quarter.
MARA said it historically retained mined Bitcoin as a long-term investment before beginning sales in 2025 to fund operations. Its stated policy for 2026 allows opportunistic sales to support liquidity and capital projects, subject to market conditions and capital needs.
The company’s treasury activity also includes arrangements other than outright sales. Its third-quarter 2025 shareholder letter described active management of a portion of its Bitcoin holdings, with most of that allocation remaining in lending arrangements.
Bitcoin-backed financing supports infrastructure expansion
MARA’s borrowing strategy uses Bitcoin alongside direct sales to finance its business. After the second quarter ended, the company arranged $600 million in additional financing through facilities with Coinbase and Two Prime, pledging 18,750 BTC as initial collateral in August.
Each lender provided $300 million in additional funding. Coinbase’s arrangement also refinanced an existing $150 million credit line, bringing that facility’s principal to $450 million. The incremental financing carried a weighted average borrowing cost of approximately 7.56%.
According to MARA, the proceeds would go toward general corporate purposes, including covering a portion of the cash payment tied to its pending acquisition of Long Ridge. The power-generation acquisition supports its expansion into artificial intelligence and high-performance computing infrastructure.
The proposed transaction is valued at approximately $1.5 billion and includes a 505-megawatt natural gas power plant in Ohio.
MARA shares closed at $7.53 on October 16, 2026, down 9.60% for the session, giving the company a market capitalization of about $2.91 billion. Its reported 52-week trading range was $6.66 to $22.09.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
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