TL;DR
- MARA Transfers: Marathon Digital moved 1,318 BTC worth $86.9 million to Two Prime, BitGo, Galaxy Digital, and other custodians, continuing its pattern of active treasury management.
- On‑Chain Shifts: The firm’s on‑chain balance fell from a 2025 peak of $2.4 billion to about $793 million, with current holdings at roughly 12,245 BTC as Bitcoin trades near $64,733.
- Broader Trend: Recent activity aligns with previous MARA transfers and mirrors strategies used by other miners and institutional holders, including BlackRock, Riot Platforms, CleanSpark, Core Scientific, Strategy, and SpaceX.
Marathon Digital has executed another major round of Bitcoin movements, shifting 1,318 BTC valued at about $86.9 million across several institutional custodians. The transfers, revealed by Lookonchain and supported by Arkham Intelligence data, highlight the miner’s ongoing strategy of actively managing liquidity, treasury positioning, and exchange relationships. The activity also reflects broader patterns among miners and institutional holders who continue to rebalance assets across custodial platforms.
The Bitcoin mining firm #MARA transferred 1,318 $BTC($86.89M) to Two Prime, BitGo, and Galaxy Digital in the past 10 hours.https://t.co/9DlN5ZPsBz pic.twitter.com/ubPZM5iwWi
— Lookonchain (@lookonchain) February 6, 2026
Recent Transfers Highlight Active Treasury Management
According to Lookonchain, Marathon moved 1,318 BTC within a 10-hour window, distributing funds to Two Prime, BitGo, and Galaxy Digital. The breakdown included 653.77 BTC sent to Two Prime, along with separate transfers of 99.99 BTC and 280 BTC to BitGo. Additional movements included 50 BTC routed to another wallet and 305 BTC through Anchorage Digital Custody. Smaller inbound deposits of 3.16 to 3.27 BTC from Coinbase to MARA wallets were also recorded. These transactions align with the company’s pattern of frequent, large-scale Bitcoin redeployments.
On‑chain data indicates that Marathon’s Bitcoin balance rose steadily through 2024, peaking at roughly $2.4 billion in early 2025. As of February 6, 2026, however, the balance had dropped sharply to about $793 million. The firm currently holds approximately 12,245 BTC valued at $792.68 million, reflecting a 9.76% decline. This shift coincides with Bitcoin’s price drop to around $64,733, down 8.89%, suggesting a combination of market impact and strategic repositioning.
Previous Large‑Scale Movements Provide Context
Marathon’s latest transfers follow earlier activity, including a November redeployment of 2,348 BTC worth about $236 million to Coinbase Prime, FalconX, Galaxy Digital, and Two Prime. The company allocated $60 million to FalconX and $45 million to Coinbase Prime, with the remainder distributed to other custodians. Last month, Lookonchain also reported a 288 BTC transfer worth $26.3 million to market maker Wintermute.
MARA’s movements reflect a broader trend among miners and institutional investors. Riot Platforms, CleanSpark, and Core Scientific executed similar transfers in 2024, while BlackRock moved more than $1 billion in BTC and ETH to Coinbase’s institutional custody in early November 2025. Other major holders, including Strategy and SpaceX, also conducted large-scale Bitcoin relocations across multiple addresses.
