MARA acquires 1,000 BTC for $66.7M as miner pivots from selling spree

MARA Holdings acquired 1,000 BTC for $66.7 million through institutional platform FalconX, on-chain data shows, as the mining giant resumed accumulation after a record first-quarter selloff.

VanEck's head of digital assets research, Matthew Sigel, disputed the claim, saying the transferred coins were returned-lent assets rather than Bitcoin acquired on the open market. "MARA will be monetizing its DC portfolio," Sigel said in a June 16 post on X. "Bitcoin accumulation is the last thing on their mind."

The transaction follows MARA's sale of 20,880 BTC in the first quarter for roughly $1.5 billion at an average price of $70,137 per coin, according to SEC filings. The miner used the proceeds to privately repurchase $1 billion of convertible bonds maturing in 2030 and 2031, achieving cash savings of about $88.1 million before transaction costs. MARA held 35,303 BTC as of March 31; if confirmed as a purchase, total holdings would rise to approximately 36,303 BTC.

The conflicting interpretations highlight a strategic tension at the company. While MARA remains one of the largest corporate Bitcoin holders — behind only Strategy, Twenty One Capital and Metaplanet, per Bitcoin Treasuries — it has increasingly directed capital toward AI and high-performance computing infrastructure. The company's $1.5 billion acquisition of Long Bridge earlier this year expanded its data center footprint, and shares have gained more than 63% year-to-date.

Historical wallet activity supports Sigel's interpretation. MARA has typically moved Bitcoin purchases into newly created wallets, while the latest transaction did not follow that pattern, market participants noted. The company has not issued an official press release or 8-K filing regarding the transaction.

The broader mining sector has been pivoting toward AI revenue streams. Companies including HIVE Digital, TeraWulf, Hut 8 and CleanSpark have increasingly promoted high-performance computing services alongside mining, repurposing facilities originally built for Bitcoin operations. IREN recently completed its acquisition of Spain-based Nostrum Group, adding about 490 megawatts of secured grid-connected power for AI cloud services.

The Federal Reserve's hawkish stance under Chair Kevin Warsh added pressure on crypto-related equities. Bitcoin fell about 1% after the central bank held rates steady, while MARA ended the session more than 3% lower. Coinbase closed about 2% down, though Robinhood rose 9% despite announcing layoffs exceeding 10% of staff.

This article is for informational purposes only and does not constitute investment advice.