Marathon Digital Holdings (MARA) unloaded 23,093 BTC worth $1.6 billion during the first half of 2026. According to on-chain tracking data from the @lookonchain account on X, the average selling price of all assets released by this mining company stood at $70,631 per coin.
Despite selling a large portion of their treasury, MARA has not fully abandoned digital assets. The company still holds 35,577 BTC in its various crypto wallets. Based on market prices when the on-chain monitoring tweet was released, these remaining holdings are valued at approximately $2.3 billion. The report on MARA’s asset movements immediately caught the market’s attention, garnering 404 likes and 55 reposts on the X platform.
MicroStrategy Follows Suit to Raise Cash
This liquidation of crypto assets is not an isolated move by a single entity. The @lookonchain account reported that MicroStrategy (Strategy) also made an additional sale of 1,690 BTC worth $108.6 million last week. Data on this coin movement also received wide attention, with 423 likes and 39 reposts from the community.
Last week’s sale adds to the growing list of sell-offs by MicroStrategy. Over the past six weeks, the company has recorded total sales of 6,916 BTC, equivalent to $429.35 million. The proceeds from this crypto liquidation were allocated directly to buy back STRC shares, continuing a strategic move they initiated some time ago.
Evolution from a Mere Bitcoin Proxy
The decision of these two treasury and mining companies to simultaneously release large amounts of coins highlights shifting institutional priorities. MicroStrategy aims to build cash reserves to reach the $4.75 billion mark. This step was taken in response to market dynamics where their preferred shareholders turned out to prioritize cash liquidity availability over merely relying on pure exposure to Bitcoin price movements.
MicroStrategy CEO Phong Le explained that their business direction is now in a new phase. The company is evolving from merely operating as a debt-based Bitcoin proxy entity into a digital credit platform with Bitcoin as the foundation of its operations.
For retail investors, the selling trend by institutions holding the largest assets sends a transparent message about industry realities. At some point, large companies still have to return to cash to meet operational demands, secure cash reserves, and respond to shareholder pressure.
Sourced from @lookonchain on X.
Also read: What Is Bitcoin Halving?
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
