MARA Executes $86.9M Bitcoin Power Play Through Two Prime, BitGo & Galaxy Digital
Mining giant MARA just orchestrated a heavyweight Bitcoin transaction—shifting nearly $87 million through a trifecta of institutional powerhouses.
The Institutional Conduit
Forget peer-to-peer wallets. This move channels capital through Two Prime, BitGo, and Galaxy Digital—a clear signal that corporate crypto is playing by Wall Street's rulebook now. It's about structured products, custody chains, and financial engineering, not just sending coins to a friend.
Why the Fuss?
Transactions of this scale aren't casual. They hint at treasury rebalancing, collateral deployment, or positioning for what's next. When a major miner moves this much Bitcoin, the market pays attention—it's a temperature check on institutional sentiment.
The Cynical Take
Let's be real: paying three different finance firms to move a digital asset designed to cut out the middlemen? Peak 2026 finance—where decentralization gets a service fee and a compliance memo.
One thing's clear: the old guard of finance is now deep in the game, building the plumbing for the next wave of digital asset flows. Whether that's progress or just a new set of gatekeepers depends on who's holding the keys.
Marathon Digital continues large-scale strategic Bitcoin transfers
The bitcoin mining firm #MARA transferred 1,318 $BTC($86.89M) to Two Prime, BitGo, and Galaxy Digital in the past 10 hours.https://t.co/9DlN5ZPsBz pic.twitter.com/ubPZM5iwWi
— Lookonchain (@lookonchain) February 6, 2026
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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