MARA Holdings shifts $87M in Bitcoin; shares fall 19%
MARA Holdings moved about 1,317 BTC ($87.4M) to several wallets and exchanges over 13 hours Thursday during a slump that briefly sent bitcoin to $60,000; its Nasdaq shares fell 18.72% to $6.73.
Nasdaq-listed bitcoin miner MARA Holdings moved about 1,317 BTC, worth roughly $87.4 million, to multiple wallets and exchange addresses over roughly 13 hours on Thursday during a broader crypto selloff. The company’s shares fell 18.7% to close at $6.73.
On-chain records show the largest single transfer, 653.773 BTC (about $43.4 million), went to an address linked to digital asset manager Two Prime, based on data from Arkham. A further 8.999 BTC (roughly $597,000) was sent to the same destination. Other transfers included 200 BTC and 23 BTC to addresses associated with custodian BitGo, and about 355 BTC spread across separate, unidentified wallets.
Bitcoin briefly fell to around $60,000 on Thursday before rebounding. It was changing hands near $66,417 at 1:00 a.m. ET Friday, down 5.8% over 24 hours.
Mining stocks dropped alongside bitcoin’s decline. IREN fell 11.46% on Thursday, while CleanSpark lost 19.13%. MARA has declined 34.72% over the past month.
Bitcoin miner daily revenue, measured on a seven-day moving average, fell to $32.62 million as of Wednesday.
Two Prime manages digital assets for institutional clients, and BitGo provides custody and wallet services for crypto firms. Transfers to such entities are commonly used for treasury management, custody or liquidity needs.
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