Are Strategy And MARA Dumping More Bitcoin?

Two of the largest corporate holders of Bitcoin are back in the spotlight after on-chain analytics platform Lookonchain flagged significant wallet movements from both MARA Holdings and Strategy on August 5, 2026.

MARA Moves 6,000 BTC to Two Prime

Bitcoin miner MARA transferred 6,000 $BTC worth approximately $384.6 million to Two Prime, according to Lookonchain. The firm noted the transfer does not necessarily indicate a sale. Large miner-related transfers can reflect routine treasury management, custody reshuffling, collateral moves, or preparation for an over-the-counter sale, but in a thin market they often get read as a supply signal.

The move to Two Prime is notable given the existing relationship between the two firms. Two Prime is an SEC-registered investment advisor that provides institutional investors with exposure to Bitcoin through bespoke derivatives strategies, serving clients ranging from corporate treasuries and miners to family offices, and its credit team is one of the largest Bitcoin-secured lenders in the world. If the Bitcoin is being posted as collateral or rotated into a strategy, it does not necessarily imply spot selling.

Strategy Wallets Also Active

Wallets linked to Strategy also moved 1,030 $BTC worth approximately $66.1 million, per Lookonchain. The purpose of the transfer was not immediately disclosed. The movement adds to a pattern of recent on-chain activity around the company. A similar on-chain move was detected last month before Strategy disclosed a Bitcoin sale worth about $216 million, and analysts flagged that the latest transfer could also precede another sale. Strategy has yet to issue an official statement on the latest Bitcoin transfer.

Strategy (Nasdaq: MSTR) is the world's first and largest Bitcoin Treasury Company, holding more Bitcoin than any other publicly traded entity. The recent transfer activity came days after Strategy reported a $24.45 per share GAAP loss in the second quarter, driven by an $8.32 billion unrealized loss on its Bitcoin holdings under fair-value accounting rules.

Neither company has confirmed that the transferred coins were sold. Analysts and traders are likely to watch for any SEC filings or public disclosures in the coming days that clarify the intent behind both movements.

Sources:
CoinDesk: Bitcoin miner MARA moves BTC to trading desks and exchanges
MARA Holdings: MARA leads $20 million investment in Two Prime (official press release)
Stocktwits: Strategy MSTR stock falls after Bitcoin transfer sale rumors