MARA Holdings moves 1,650 BTC worth $132.8 million to Galaxy Digital, Copper and others

The Bitcoin miner keeps shifting coins toward trading platforms as it thins its treasury and leans into AI and high-performance computing MARA Holdings has moved another large pile of Bitcoin off its books and toward the trading desks. The miner transferred 1,650 BTC, valued at roughly $132.8 million, to Galaxy Digital, Copper, and several other platforms around November 5, 2026. The 1,650 BTC went to a mix of destinations, with Galaxy Digital and Copper named among the recipients. Both firms serve institutional clients. When a miner routes coins to that kind of platform, it often points toward a sale, a loan, or some other liquidity move. A transfer is not the same as a sale. Nothing in the on-chain movement itself confirms that MARA sold these coins, and the company’s exact intent for this batch has not been spelled out. Still, the timing is hard to ignore. Less than a month earlier, on October 8-9, 2026, MARA sent 996.105 BTC to a wallet affiliated with Galaxy Digital. That earlier batch was worth around $81.13 million. Put the two transfers side by side and MARA has pushed more than 2,600 BTC toward institutional platforms in roughly four weeks. A treasury that keeps shrinking ...