- Marathon moved 1,318 BTC to trusted custodians, showing it actively manages risk instead of holding Bitcoin idle.
- The miner’s Bitcoin balance fell sharply as prices dropped, suggesting strategic redeployment rather than panic selling.
- Similar moves by miners and firms like BlackRock show institutions reposition assets during volatile crypto markets.
Marathon Digital executed a significant Bitcoin transfer on February 6, moving 1,318 BTC, worth about $86.9 million, to institutional custodians Two Prime, BitGo, and Galaxy Digital.
Blockchain analysis platform Lookonchain has uncovered this by tracking various transactions within different wallets. While Marathon has now sent 653.77 BTC to Two Prime, there have been other separate transactions of 99.99 BTC and 280 BTC to BitGo’s wallet.
In addition to this, 50 BTC has been sent to a different wallet, while 305 BTC has been sent via Anchorage Digital Custody. Deposits in smaller quantities, ranging from 3.16 to 3.27 BTC, have been made to different Marathon wallets by Coinbase.
As per the on-chain data provided by Arkham Intelligence, these transactions reflect a long-term capital investment strategy. The miner’s on-chain balance experienced a steady rise in 2024 before reaching a peak at around $2.4 billion in early 2025.
However, as of February 6, 2026, the on-chain value dropped significantly to around $793 million. Presently, Marathon holds around 12,245 BTC valued at around $792.68 million, marking a dip of 9.76%, mirroring the decline in Bitcoin’s price to $64,733, or 8.89%, as a result of the drop in value.
Patterns of Strategic Asset Movement
Marathon’s recent transfers mirror past large-scale movements. In November 2025, the firm moved 2,348 BTC, roughly $236 million, to institutional exchanges including Coinbase Prime, FalconX, Galaxy Digital, and Two Prime.
About $60 million went to FalconX, $45 million to Coinbase Prime, and the remainder to Two Prime and Galaxy Digital. Last month, Lookonchain also noted a transfer of 288 BTC, approximately $26.3 million, to Wintermute, a cryptocurrency market maker.
Such patterns are common among publicly listed Bitcoin miners. Riot Platforms moved 850 BTC in February 2025 to secure equipment financing. In December 2024, CleanSpark transferred 1,200 BTC to diversify its treasury.
Similarly, Core Scientific moved 600 BTC to fund partnerships. Institutional investors follow similar strategies. BlackRock, for instance, moved over $1 billion in BTC and Ethereum to Coinbase’s institutional custody in early November 2025.
