MARA Holdings Transfers 1,000 BTC to Crypto Exchanges Binance and Gate

MARA Holdings miner transferred 1,000 BTC (approximately $82.8 million) to Binance and Gate over five days, raising questions again about a potential sale from reserves. This was reported by Lookonchain on October 19: the funds went through several addresses, but the transfer itself does not confirm a sale – the company has not disclosed the transaction's purposes.

Earlier, on October 8, 996 BTC (approximately $81 million) went to a wallet linked to Galaxy Digital; whether this was a purchase or another financial scheme is unclear from the blockchain. Together, the two operations account for about 1,996 BTC (around $164 million), but there is no confirmation that these are different coins and that some were not transferred between addresses.

In the first half of 2026, MARA sold about 23,093 BTC for $1.63 billion. The main volume was in the first quarter: 20,880 BTC at an average price of approximately $70,137, yielding nearly $1.5 billion. In March, the company sold 15,133 BTC (from March 4 to 25) for $1.1 billion to buy back convertible bonds of 2030 and 2031: the debt should be reduced by about 30%, with savings of about $88.1 million before costs. In the second quarter, another 2,213 BTC were sold at $73,078 while mining 2,422 BTC.

As of June 30, MARA held 35,577 BTC compared to 53,822 at the end of December 2025; at $58,524 per coin, this is about $2.1 billion. Second-quarter revenue fell by 27% to $174.9 million, with a net loss of $611.3 million, including about $343 million in losses from the revaluation of digital assets and accounts receivable. Mining increased by 3% year-on-year, with a hash rate reaching 70.3 EH/s.

Reserves are also used for financing: in August, MARA pledged 18,750 BTC as collateral for two credit lines totaling $600 million – Coinbase Credit (considering refinancing of $150 million, the total principal debt is $450 million) and Two Prime Lending at a fixed 7.65%; the weighted average cost of borrowing is about 7.56%. As of June 30, 9,270 BTC were under management: 4,742 in loans, 4,528 in collateral, 26,307 unrestricted. Interest income from lending for the quarter was about $4.3 million. Energy at own sites cost approximately $38,690 per BTC.

Simultaneously, MARA is expanding its energy infrastructure: purchasing Long Ridge Energy & Power for $1.5 billion (a 505 MW gas station in Ohio with a potential of over 1 GW of computing) and a site in Texas on 1,200 acres with access to up to 2 GW. The potential capacity portfolio is about 4.8 GW; the company estimated the conversion of up to 90% of non-hosting mining capacities to AI.