MARA Holdings sent 7,500 BTC, worth roughly $480 million, to a wallet tagged “Two Prime” over the past several hours, per Arkham Intelligence data, in 15 transactions of 500 BTC each. MARA holds 36,303 BTC total as of Aug. 3, so this transfer moves about 21% of that balance.
MARA Already Has Money Riding on Two Prime
In July 2025, MARA led a $20 million investment in Two Prime, joined by additional participation from Susquehanna Crypto, and expanded the Bitcoin allocation it runs through the firm from 500 BTC to 2,000 BTC.
Two Prime is an SEC-registered investment advisor managing roughly $1.75 billion in institutional trading, lending, and Bitcoin yield strategies, with its lending arm ranked the largest CeFi lender in the United States in Galaxy Research’s Q1 2025 report on crypto leverage.
7,500 BTC, 15 Transactions, One Destination
Not the First Time MARA’s Sent Bitcoin to Two Prime
This is the second time in six months MARA has routed a large batch of BTC to Two Prime under the same shrug of a caveat. On Feb. 6, 2026, MARA moved 1,318 BTC (~$86.9 million) to Two Prime, BitGo, and Galaxy Digital over a 10-hour window.
Timeline
- Jul 2025: MARA leads $20M investment in Two Prime; managed BTC allocation expands from 500 to 2,000 BTC.
- Feb 6, 2026: MARA moves 1,318 BTC to Two Prime, BitGo, Galaxy Digital; called ambiguous, never confirmed as a sale.
- Mar 2, 2026: MARA revises 2026 treasury policy to allow sale of balance-sheet Bitcoin, not just newly mined coin.
- Mar 26, 2026: MARA sells 15,133 BTC (~$1.1B) to fund a $1B convertible-note repurchase.
- May 11, 2026: Q1 2026 results: 20,880 BTC sold (~$1.5B) for the quarter; holdings end at 35,303 BTC.
- Aug 5, 2026: MARA transfers 7,500 BTC (~$480M) to Two Prime.
Why MARA Has Bitcoin to Move In the First Place
MARA rewrote its 2026 treasury policy to allow selling Bitcoin held anywhere on its balance sheet. That’s the policy change that made this kind of large-scale movement possible at all.
It’s already used that authority once at scale: between March 4 and March 25, MARA sold 15,133 BTC for roughly $1.1 billion specifically to repurchase $1 billion of convertible notes at a 9% discount, cutting convertible debt by about 30%. Across the full first quarter, MARA sold 20,880 BTC (~$1.5 billion) and ended the period holding 35,303 BTC.
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