MARA Holdings Moves 1,000 BTC Worth $82.8 Million to Binance and Gate, Raising Sale Speculation

MARA Holdings, the largest publicly traded Bitcoin miner, transferred 1,000 Bitcoin valued at approximately $82.8 million to the Binance and Gate exchanges over five days, according to on-chain data tracked by Lookonchain. The company has not publicly explained the transfers, and the movement of coins to an exchange address alone does not confirm a sale.

The destination of the coins is drawing scrutiny. MARA's known lenders on its Bitcoin-backed credit facilities are Coinbase and Two Prime, not Binance or Gate, making a collateral transfer to a lender an unlikely explanation. The company has previously disclosed that it sells Bitcoin selectively, and its total holdings have already fallen sharply, from 53,822 BTC in February to 35,577 BTC as of August, as it reduced debt and expanded into AI infrastructure.

The transfer comes amid broader pressure on MARA. Bitcoin was trading above $82,000, and MARA shares were at $7.70 in premarket trading, up 2.3% on the day but down roughly 20% for the week and more than 30% for the month. The company posted a $611.3 million net loss in its most recent results, with about $343 million of that attributed to a mark-to-market loss on its Bitcoin holdings tied to price declines. MARA has borrowed $600 million against its Bitcoin at an average rate of 7.6%, with 54% of its holdings pledged as collateral.

MicroStrategy founder Michael Saylor hinted at another Bitcoin purchase around the same time, with Strategy's most recent disclosed buy standing at 250 BTC, well below MARA's 1,000 BTC transfer. Analysts note that a future MARA disclosure showing reduced holdings would confirm a sale, while steady holdings would point to a collateral or custody move.