MARA Holdings moves $87 million in BTC as crypto selloff extends
Quick Take
- Nasdaq-listed bitcoin miner MARA moved roughly 1,317 BTC ($87.4 million) in the past 13 hours, according to onchain data.
- The move coincided with a bitcoin downturn that saw prices briefly fall to around $60,000 on Thursday.
Bitcoin BTC miner MARA Holdings moved nearly 1,317 BTC, worth about $87.4 million, to several wallets and exchange addresses in the past 13 hours, according to onchain data.
The largest portion, worth 653.773 BTC ($43.4 million), was sent to an address linked to digital asset manager Two Prime, Arkham data shows. Shortly after, MARA transferred a smaller tranche of 8.999 BTC to the same address, worth roughly $597,000.
Other outbound transfers included 200 BTC and 99.99 BTC to BitGo-linked addresses, plus an additional 355 BTC sent across separate, unidentified wallets.
MARA's move coincided with a recent crypto market downturn, with bitcoin sliding down to $60,000 at one point on Thursday. It fell 5.8% over the past 24 hours to currently trade at $66,417 as of 1:00 a.m. ET Friday, according to The Block's BTC price page.
Shares of MARA plunged 18.72% on the Nasdaq on Thursday to close at $6.73, recording a 34.72% monthly drop. Other major crypto miners also declined, with IREN sliding 11.46% and CleanSpark dropping 19.13%.
Bitcoin miner daily revenue, measured on a seven-day moving average, fell to $32.62 million as of Wednesday from $41.5 million two weeks earlier, according to The Block's data dashboard. This indicates that miners are experiencing a significant profitability squeeze.
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