Bitcoin mining firm MARA Holdings moved 1,650 BTC worth approximately $132.8 million to Galaxy Digital, Copper and other institutional platforms within 12 hours on November 5, 2026, according to on-chain tracker Lookonchain.
Lookonchain described the activity as potentially linked to selling, noting that MARA appears to be moving large amounts of BTC again. However, the tracker also made clear that wallet movements alone do not confirm a sale. Galaxy Digital offers institutional trading and financial services, while Copper provides custody and infrastructure for professional investors, so the transfers could reflect selling, custody changes, collateral movements or other liquidity operations.
The November activity follows several large MARA transfers in October. Lookonchain identified 996 BTC worth $81.13 million moved to a Galaxy Digital-linked wallet on October 9, 1,000 BTC worth $82.8 million on October 19 with Binance among recipients, 1,000 BTC worth $80.19 million sent to BitGo on October 27, and another 1,000 BTC worth $80.66 million on October 28. Those October movements totaled approximately 3,996 BTC worth $324.78 million. Including the latest transfer, reported movements reached 5,646 BTC across institutional platforms.
MARA’s previous disclosures add important context. The company sold about 23,093 BTC for $1.6 billion during the first half of 2026, including 2,213 BTC sold in the second quarter at an average price of $73,078 per Bitcoin. The company has said its Bitcoin management strategy no longer requires holding all newly mined assets. Still, the most recent on-chain data does not establish that the transferred coins were actually sold.
