MARA Stock Falls 19% as Bitcoin Miner Moves $87 Million BTC

TLDR

• MARA Holdings moved 1,318 BTC worth $87 million to trading desks and exchanges over 10 hours on Thursday
• The largest transfer sent 663 BTC to digital asset manager Two Prime, with smaller amounts going to BitGo and unknown wallets
• Bitcoin dropped to $60,000 Thursday, trading below the estimated $87,000 production cost for miners
• MARA stock plunged 18.72% on Nasdaq Thursday to close at $6.73 as crypto markets sold off
• Bitcoin miner daily revenue fell to $32.62 million from $41.5 million two weeks earlier as profitability squeezed

MARA Holdings moved 1,318 BTC worth approximately $87 million to various trading desks and exchanges over a 10-hour period Thursday. The transfers came as bitcoin crashed to $60,000 and crypto markets extended a week-long selloff.

The largest transfer sent 653.773 BTC, valued at $42 million, to digital asset manager Two Prime. Minutes later, MARA sent another 8.999 BTC to the same address worth $578,000.

Marathon Digital Holdings, Inc., MARA

Additional transfers included 200 BTC and 99.999 BTC to BitGo-linked addresses, totaling about $20.4 million. Another 305 BTC moved to a fresh, unidentified wallet worth roughly $20.72 million.

The timing of the transfers raised eyebrows among traders watching for signs of forced miner selling. Crypto markets have swung wildly this week following a liquidation-driven selloff.

Large miner transfers can signal routine treasury management or collateral moves. But in thin markets, traders often interpret them as supply signals that could pressure prices lower.

Two Prime Transfer Draws Attention

The Two Prime transfer is drawing particular scrutiny because it involves a credit and trading counterparty. If MARA posted the bitcoin as collateral or rotated it into a trading strategy, it wouldn’t necessarily mean spot selling.

However, the move came during a brutal stretch for miners. Bitcoin has dropped nearly 50% from peak prices above $126,000 last year.

Bitcoin now trades approximately 20% below its estimated production cost of $87,000. This increases financial pressure across the entire mining sector.

When bitcoin trades below production cost, it historically signals bear market conditions. Miners face tough decisions about whether to sell holdings to cover operating expenses.

Bitcoin fell 5.8% over 24 hours to trade at $66,417 as of 1:00 a.m. ET Friday. It briefly touched $60,000 Thursday, a weekly low that spooked investors.

Mining Sector Under Pressure

MARA stock crashed 18.72% Thursday to close at $6.73 on Nasdaq. The stock is down 34.72% for the month as the crypto selloff accelerates.

Other major mining stocks also took heavy losses Thursday. IREN dropped 11.46% while CleanSpark fell 19.13%.

Bitcoin miner daily revenue, measured on a seven-day moving average, declined to $32.62 million as of Wednesday. This compares to $41.5 million just two weeks earlier, according to The Block’s data dashboard.

The revenue drop shows miners are experiencing a profitability squeeze as bitcoin prices fall. Lower prices directly impact mining economics since miners sell bitcoin to cover electricity and operational costs.

Traders remain on edge for any indication that miners are turning into forced sellers. Large transfers from miner wallets often trigger speculation about imminent spot sales that could add selling pressure.

The crypto market volatility has traders watching onchain data closely for clues about miner behavior. Any sustained selling from major miners could push bitcoin prices lower in an already fragile market.

MARA’s wallet movements show the strain facing miners as bitcoin trades below production costs. The company transferred nearly $87 million in bitcoin across multiple counterparties and addresses over 10 hours Thursday.

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