MARA moves $86.9M in Bitcoin through Two Prime, BitGo and Galaxy Digital

On February 6, Blockchain analytics firm Lookonchain revealed that Marathon Digital transferred 1,318 BTC, worth about $86.9 million, to Two Prime, BitGo, and Galaxy Digital.

On-chain data from Arkham Intelligence revealed that the transfers were executed in multiple transactions. Marathon moved 653.77 BTC to Two Prime, and separate transfers of 99.99 BTC and 280 BTC to BitGO. 

The transfers also included 50 BTC sent to another wallet and 305 BTC via Anchorage Digital Custody. According to the data, smaller deposits of 3.16–3.27 BTC from Coinbase to MARA wallets also occurred.

Marathon Digital continues large-scale strategic Bitcoin transfers

The recent transfer activity aligns with Marathon’s longer-term balance trends visible on-chain. According to data, its on-chain balance increased steadily through 2024 and peaked at around $2.4 billion in early 2025. However, as of February 6, 2026, the data showed the balance had dropped precipitously to about $793 million, suggesting major drawdowns or active capital redeployment.

Following the drop in on-chain balances, the firm’s current wallet holdings reveal that it controls approximately 12,245 BTC, valued at $792.68 million, down 9.76%. This decline coincides with Bitcoin’s recent price decline to around $64,733, down 8.89%.

The recent transfers build on a pattern seen in Marathon Digital’s previous large-scale movements. Back in November of last year, Cryptopolitan reported that MARA transferred 2,348 BTC (about $236 million) to institutional exchanges, such as Coinbase Prime, FalconX, Galaxy Digital, and Two Prime. 

According to the report, MARA invested about $60 million in Falcon X and $45 million in Coinbase Prime. The remaining funds were allocated to Two Prime and Galaxy Digital. The exchanges received a total of $236 million in deposits from wallets under the MARA Pool’s supervision, which is responsible for block rewards.

Last month, Lookonchain monitoring revealed another large-scale asset transfer from MARA. The blockchain analytics noted MARA transferred 288 BTC, worth around $26.3 million, to the cryptocurrency market maker Wintermute.

Institutional and corporate holders strategically move Bitcoin

MARA’s large-scale asset transfers reflect a common pattern among publicly listed Bitcoin miners. In February of last year, Riot Platforms moved 850 BTC worth around $56 million as security for equipment financing. 

In December 2024, CleanSpark transferred 1,200 BTC, valued at approximately $76 million, to diversify its treasury. In the same year, Core Scientific also transferred 600 BTC worth around $39 million to create a partnership finance.

This pattern of strategic asset movement is not limited to miners, as institutional investors have also shown similar patterns. On November 4 of last year, Cryptopolitan reported that BlackRock moved $293.3 million in Bitcoin and Ethereum to the Coinbase Prime account. The report revealed that the capital inflow included approximately $293.49 million in Bitcoin and $79.83 million in Ethereum.

According to the report, BlackRock had transferred about $185 million to Coinbase and Prime on the third of that month. The $185 million was split into 15,121 Ether, worth around $56.1 million, and 1,198 Bitcoin, worth about $129.09 million. 

Building on this, during the first five days of November 2025, BlackRock transferred more than $1 billion in BTC and Ethereum to Coinbase’s institutional custody platform.

Similarly, other large holders have strategically relocated their Bitcoin holdings. On November 15 of last year, Strategy moved 43,415 Bitcoin across more than 100 addresses.

Against this backdrop, on October 21 last year, SpaceX moved 2,495 BTC, worth $268 million, to new addresses. This was the first time it moved BTC in three months since July 2025. Arkham Intelligence data available on-chain showed that the wallets were inactive, with SpaceX continuing to own approximately 5,790 BTC worth $626 million.

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