Marathon Digital transferred 1,318 BTC on February 6, a move worth about $86.9 million at the time. On-chain tracking from Lookonchain showed the Bitcoin was sent to institutional custodians and related platforms, including Two Prime, BitGo, and Galaxy Digital.
The disclosed transaction breakdown shows 653.77 BTC sent to Two Prime, along with separate transfers of 99.99 BTC and 280 BTC to a BitGo wallet. Another 50 BTC went to a different wallet, while 305 BTC was routed through Anchorage Digital Custody. Smaller deposits from Coinbase, ranging from 3.16 BTC to 3.27 BTC, were also recorded across different Marathon wallets.
On-chain holdings have dropped from earlier highs
Data cited from Arkham Intelligence indicates Marathon’s on-chain balance climbed steadily through 2024 and peaked at around $2.4 billion in early 2025. By February 6, 2026, that on-chain value had fallen to about $793 million.
Marathon currently holds roughly 12,245 BTC, valued at about $792.68 million. That represented a 9.76% decline in the value of its on-chain balance. Over the same period, Bitcoin fell to $64,733, with the price down 8.89%.
Large transfers fit an existing pattern
This was not Marathon’s first major asset movement. In November 2025, the company transferred 2,348 BTC, worth about $236 million, to institutional venues including Coinbase Prime, FalconX, Galaxy Digital, and Two Prime. Of that total, about $60 million went to FalconX and roughly $45 million went to Coinbase Prime, with the rest sent to Two Prime and Galaxy Digital.
Last month, Lookonchain also flagged a transfer of 288 BTC, worth about $26.3 million, from Marathon to crypto market maker Wintermute. Taken together, the recent transactions show the listed miner actively reallocating Bitcoin rather than leaving those holdings idle.
Other miners and institutions have made similar moves
Comparable transfers have been seen across other public Bitcoin mining companies. Riot Platforms moved 850 BTC in February 2025 to secure equipment financing. CleanSpark transferred 1,200 BTC in December 2024 to diversify its treasury. Core Scientific moved 600 BTC to fund partnerships.
Institutional investors have also shifted assets into custodial channels. The report noted that BlackRock moved more than $1 billion in Bitcoin and Ethereum to Coinbase’s institutional custody platform in early November 2025. In Marathon’s case, the latest 1,318 BTC transfer appears to align with custody and capital management activity rather than a simple disposal of holdings.