VanEck's Head of Digital Assets Research Matthew Sigel has disputed claims that MARA Holdings purchased 1,000 Bitcoin, stating the transaction likely involved returned collateral from a BTC-backed loan rather than a new market acquisition. According to Sigel's June 16 X post, the transferred coins were returned-lent assets rather than Bitcoin acquired on the open market. This clarification comes in response to on-chain analytics platform Lookonchain, which had highlighted the 1,000 BTC transfer involving FalconX and suggested it appeared to be a purchase by the miner. Sigel noted that 'MARA will be monetizing its DC portfolio: Starwood in the US, Exaion in the EU. Bitcoin accumulation is the last thing on their mind.'
As reported by Lookonchain, MARA's first-quarter filing showed the company sold approximately 20,880 BTC during the three months ended March 31, 2026. These sales generated about $1.5 billion at an average price of $70,137 per Bitcoin. The company used the sales to fund operations, support growth plans, and manage liquidity. MARA also changed its digital asset policy in 2026, allowing it to sell Bitcoin held on its balance sheet, before which its policy focused on selling newly mined Bitcoin.
According to market analyst Matt Allen, MARA is no longer accumulating Bitcoin in the manner many investors assume, with the company focused on developing its AI data center business instead. Earlier this year, MARA announced its $1.5 billion acquisition of Long Bridge, a transaction that significantly expanded the company's AI and data center footprint. The miner remains one of the largest corporate Bitcoin holders, with Bitcoin Treasuries data showing MARA holds more than 36,000 BTC, placing it behind only Strategy, Twenty One Capital, and Metaplanet among public Bitcoin treasury firms. Despite this strategic repositioning, the company continues to hold substantial Bitcoin holdings.
Investor enthusiasm around MARA's AI strategy has supported the stock's performance, with shares gaining more than 63% year-to-date and rising over 10% during the last five trading sessions, according to Yahoo Finance data. The company's approach reflects a broader industry trend, as growing numbers of mining companies seek opportunities in AI infrastructure and high-performance computing. Recent developments include IREN's acquisition of Spain-based Nostrum Group, adding around 490 megawatts of secured grid-connected power, and Nvidia's preparation of a $20 billion bond offering to finance AI-related investments. Access to power and data center capacity is becoming as valuable as cryptocurrency production itself in this evolving landscape.
