Bitcoin: This Mining Giant Sells Its BTC to Pivot to AI

MARA's Bitcoin treasure changes roles. The American miner has transferred approximately 996 BTC, valued at $81.1 million, to an address identified as belonging to Galaxy Digital. This movement does not confirm a sale, even though it follows significant Bitcoin divestitures. These divestitures are primarily aimed at reducing the group's debt, which is simultaneously developing its activities in artificial intelligence infrastructure.

Key Points

• MARA transferred approximately 996 BTC to Galaxy Digital, with no confirmed sale.
• The group reported 35,577 BTC as of June 30, down from 53,822 BTC in February.
• In March, MARA sold 15,133 BTC for approximately $1.1 billion, mainly to finance a debt buyback.
• The miner acquired a majority stake in Exaion to develop its computing and cloud capabilities.

Bitcoin: MARA Mobilizes a Treasure Previously Intended for Accumulation

The transfer reported by US specialized press represents approximately $81.1 million. Galaxy Digital offers several services to institutional investors: trading, financing, and custody. The arrival of funds at this intermediary does not allow for determining their final destination, but raises heavy suspicions.

Indeed, MARA has already confirmed significant sales this year. Between March 4 and March 25, 2026, the group sold 15,133 BTC for approximately $1.1 billion. It announced that it would primarily devote these proceeds to the buyback of convertible bonds, in order to reduce its debt and the potential dilution related to their conversion into shares.

This management contrasts with the << full HODL >> policy announced in July 2024. MARA intended to keep all its Bitcoin production and supplement its reserves through market purchases.

As of June 30, 2026, the company still held 35,577 BTC, of which 9,270 were loaned or pledged as collateral. This total was included in its results published in August: it does not constitute an updated count after the October transfer. The decrease from the 53,822 BTC recorded in February is still about one-third;
MARA is slowly but surely pivoting towards AI infrastructure -- Source: X Account

MARA Develops AI and Cloud with Exaion

In parallel, MARA is expanding its activities beyond mining. The group seeks to develop high-performance computing infrastructures, used notably for artificial intelligence, as well as cloud services for businesses.

The acquisition of Exaion, from the EDF group, materializes this diversification. MARA announced a 64% stake, while EDF remains a minority shareholder and client. NJJ, the investment company of Xavier Niel, also participates in the arrangement through a stake in MARA France.

The initial agreement was for approximately $168 million. However, MARA's quarterly report indicates a total consideration of $174.5 million, including adjustments, for the operation finalized on February 20, 2026. Exaion brings expertise in data centers, secure cloud, and AI infrastructures.

This diversification does not mean that MARA is abandoning Bitcoin. The company still mined 2,422 BTC in the second quarter. It now combines this production with a more active management of its reserves and new industrial investments.

The transfer to Galaxy does not suffice to link these Bitcoins to a specific financing. However, confirmed operations show a clear evolution: MARA is now using its treasure to manage its balance sheet while developing other sources of activity. The eternal HODL has not survived this bear market, and this is true for both Strategy and MARA.

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