Miners send 581 BTC to NYDIG as MARA posts $611M loss

Bitcoin traded at $64,415.96 as MARA Holdings and Riot Platforms deposited a combined 581 BTC, worth about $37.4 million, into custodian NYDIG.

On-chain data from Lookonchain shows MARA, which holds 36,303 BTC ($2.34 billion), transferred 200 BTC ($12.86 million) to NYDIG, while Riot Platforms sent another 381 BTC ($24.51 million) to the same custodian within minutes.

The deposits landed the same week MARA reported a $611 million net loss for the second quarter, or $1.60 per share, reversing the $808 million profit it posted a year earlier and missing the $0.35 per share analysts had forecast. Revenue fell 27 percent year-over-year to $174.9 million, below the $208.4 million consensus.

Analysts read NYDIG deposits as a precursor to selling, since the custodian offers liquidity services that let large holders offload bitcoin without moving markets directly on exchanges. Whether the transfers convert into sales should become clearer in the coming weeks.

MARA's Q2 Miss

About $343 million of MARA's net loss came from unrealized mark-to-market changes on its digital asset holdings, an accounting effect of bitcoin's price swings rather than weaker mining operations. Bitcoin production actually rose 3 percent year-over-year to 2,422 BTC, but a 28 percent decline in the average bitcoin price during the quarter more than offset the gain. Adjusted EBITDA came in at negative $361 million, compared with positive $1.2 billion a year earlier.

MARA's total bitcoin holdings fell 29 percent year-over-year to 35,577 BTC, down from 49,951 BTC. Of that stash, 26,307 BTC remains unrestricted, while 4,742 BTC is loaned out and 4,528 BTC is pledged as collateral.

A Sector Under Pressure

The transfers are not isolated. Miners unwound a record 32,000 BTC in the first quarter of 2026, a wave of selling that contributed to a contraction in the network's hash rate. Riot offloaded another 500 BTC to NYDIG in July as it funds a shift toward AI-driven data centers, and smaller rival Poolin filed for Chapter 11 bankruptcy protection in New Jersey, seeking approval for a $52 million sale of its Texas mining properties.

MARA's cost per petahash per day improved 4 percent to $27.7, and its energized hashrate rose 22 percent year-over-year to 70.3 exahash per second. Management has leaned on a pivot toward digital infrastructure and AI-adjacent services to generate revenue less tied to bitcoin's price swings, following a 15 percent staff cut earlier this year.

With bitcoin's average price down sharply from a year ago and mining economics tightening across the sector, the NYDIG deposits from MARA and Riot suggest sell-side pressure is unlikely to ease in the near term, even as bitcoin has stabilized above its 50-day and 200-day exponential moving averages at $64,053.48 and $63,647.07. A test of resistance at $65,002.25 could trigger a pullback toward the $63,552.09 lower band, according to technical levels.

This article is for informational purposes only and does not constitute investment advice.