MARA Rebuilds Bitcoin Reserves with $98.6M Purchase

Marathon Digital Holdings, a publicly listed Bitcoin miner, has made two significant purchases of BTC in recent months. In June and September, the company acquired a total of 2,292 BTC for approximately $98.6 million through FalconX, an institutional prime broker.

The purchases bring MARA's total holdings back up to around 37,605 BTC, after it sold off nearly a third of its reserves in Q1 2026. The company sold around 20,880 BTC for $1.5 billion and used the proceeds to cover operational expenses, liquidity management, and investments in artificial intelligence and high-performance computing infrastructure.

The repeated use of FalconX suggests that MARA is now following a deliberate operational playbook, allowing the company to source liquidity across multiple counterparties simultaneously and keeping slippage low and execution cleaner. This strategy may be indicative of larger market trends, with other major miners potentially rebuilding their reserves ahead of the next demand cycle.