VanEck’s Matthew Sigel has disputed claims that MARA Holdings purchased 1,000 Bitcoin, saying the transaction likely involved returned collateral from a BTC-backed loan rather than a new market acquisition.
Summary
- VanEck’s Matthew Sigel said MARA did not purchase 1,000 BTC, calling the transfer a returned loan collateral.
- MARA remains focused on AI and data center expansion rather than Bitcoin accumulation.
- Nvidia and other miners are increasing investments in AI infrastructure and HPC services.
According to a June 16 X post by VanEck Head of Digital Assets Research Matthew Sigel, the recent speculation surrounding Bitcoin mining firm MARA having purchased an additional 1,000 BTC is incorrect.
Sigel made the comment in response to on-chain analytics platform Lookonchain, which had highlighted a 1,000 BTC transfer involving FalconX and suggested it appeared to be a purchase by the miner.
Lookonchain noted that the transaction followed MARA’s first-quarter sale of 20,880 BTC for roughly $1.5 billion at an average price of $70,137 per coin.
As crypto.news previously reported, that sale came as the company increasingly directed attention toward artificial intelligence and high-performance computing infrastructure.
Providing additional context, Sigel said the transferred coins were returned-lent assets rather than Bitcoin acquired on the open market.
“MARA will be monetizing its DC portfolio: Starwood in the US, Exaion in the EU. Bitcoin accumulation is the last thing on their mind.”
Historical wallet activity also appears to support that interpretation. MARA has typically moved Bitcoin purchases into newly created wallets, while the latest transaction did not follow that pattern. Based on that behavior, market participants suggested the company may have closed a BTC-backed loan and received collateral back instead of adding to its treasury through direct purchases.
MARA continues prioritizing AI infrastructure
Attention has increasingly turned to MARA’s infrastructure strategy as the company expands beyond traditional Bitcoin mining operations.
Commenting on the latest speculation, market analyst Matt Allen said the company is no longer accumulating Bitcoin in the manner many investors assume. Allen stated that MARA is focused on developing its AI data center business, reinforcing a direction that has become more visible throughout the year.
Earlier this year, MARA announced its $1.5 billion acquisition of Long Bridge, a transaction that significantly expanded the company’s AI and data center footprint. Even with that strategic repositioning, the miner remains one of the largest corporate Bitcoin holders. Data from Bitcoin Treasuries shows MARA holds more than 36,000 BTC, placing it behind only Strategy, Twenty One Capital, and Metaplanet among public Bitcoin treasury firms.
Investor enthusiasm around that strategy has helped support the stock. According to data from Yahoo Finance, MARA shares have gained more than 63% year-to-date and have risen over 10% during the last five trading sessions.
Bitcoin miners increasingly pursue AI revenue
MARA’s approach comes as a growing number of mining companies seek opportunities in AI infrastructure and high-performance computing.
Recent industry developments suggest that access to power and data center capacity is becoming as valuable as cryptocurrency production itself. As reported by crypto.news, IREN recently completed its acquisition of Spain-based Nostrum Group, adding around 490 megawatts of secured grid-connected power and establishing its first operating base in Europe for AI cloud services.
At the same time, capital continues flowing into AI infrastructure. Nvidia is preparing a bond offering worth at least $20 billion to finance AI-related investments and refinance existing debt.
The chipmaker plans to issue notes across seven maturities ranging from two to 30 years, underscoring the scale of spending taking place across the sector.
Against that backdrop, companies including HIVE Digital, TeraWulf, Hut 8, and CleanSpark have increasingly promoted AI and high-performance computing services alongside mining. By repurposing facilities originally built for Bitcoin operations, these firms are pursuing revenue streams that are less dependent on cryptocurrency market conditions while making use of existing power agreements and data center assets.
