Matthew Sigel, head of digital assets research at VanEck, has refuted claims that MARA Holdings bought 1,000 Bitcoin. He clarified that the transaction likely involved the return of collateral from a Bitcoin-backed loan, not a fresh market purchase. This clarification came after on-chain analytics platform Lookonchain flagged a transfer of 1,000 BTC involving FalconX, suggesting it was a purchase by the mining company. Sigel emphasized that MARA’s focus remains on monetizing its data center portfolio in the US and Europe, with Bitcoin accumulation taking a backseat.
In a post on X, Sigel stated that the transferred coins were returned-lent assets rather than newly acquired Bitcoin. Historical wallet activity supports this interpretation, as MARA typically moves purchased Bitcoin into new wallets, a pattern not observed in this transaction. Market analyst Matt Allen echoed this view, noting that MARA is no longer buying Bitcoin the way many investors assume, and is instead concentrating on its AI data center pivot.
MARA’s strategic shift towards AI and high-performance computing has been evident throughout the year. The company sold 20,880 BTC in the first quarter, raising roughly $1.5 billion to fund its AI and data center expansion. Earlier this year, MARA announced the $1.5 billion acquisition of Long Bridge, significantly boosting its AI and data center footprint. Despite this pivot, MARA remains one of the largest corporate Bitcoin holders, with over 36,000 BTC, ranking fourth among public companies after Strategy, Twenty One Capital, and Metaplanet.
Investor confidence in MARA’s strategy has grown, with shares gaining more than 63% year-to-date and over 10% in the last five trading sessions. This trend aligns with a broader industry move where Bitcoin miners are increasingly pursuing AI revenue streams. Companies like IREN, HIVE Digital, TeraWulf, Hut 8, and CleanSpark are all expanding into AI and high-performance computing services, repurposing facilities originally built for Bitcoin mining to capitalize on power agreements and data center assets. Nvidia’s plans for a $20 billion bond offering to finance AI investments further underscore the scale of spending across the sector.