VanEck’s Matthew Sigel disputed claims that MARA Holdings bought 1,000 Bitcoin, saying that the transactions involved may have been collateral for a BTC-backed loan rather than a new market discovery.
Summary
- VanEck’s Matthew Sigel said that MARA did not buy the 1,000 BTC, calling the transfer as collateral for a repaid loan.
- MARA remains focused on AI and data center expansion rather than Bitcoin accumulation.
- Nvidia and other miners are increasing investment in AI infrastructure and HPC services.
According to a June 16 X post by VanEck Head of Digital Asset Research Matthew Sigel, the latest speculation surrounding Bitcoin mining company MARA bought an additional 1,000 BTC is wrong.
Sigel made these comments 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 a miner.
Lookonchain noted that the transaction followed MARA’s first quarter sale of 20,880 BTC for approximately $1.5 billion at an estimated value of 70,137 per coin.
As crypto.news previously reported, that sale came as the company continues to focus on artificial intelligence and high-performance computing infrastructure.
Providing more context, Sigel said the transferred coins were returned assets instead of Bitcoin acquired on the open market.
“MARA will be monetizing their DC portfolio: Starwood in the US, Exaion in the EU. Bitcoin hoarding is the last thing on their mind.”
Historical wallet activity also seems to support that interpretation. MARA tends to move Bitcoin purchases to newly created wallets, while recent transactions have not followed that pattern. Based on that behavior, market participants suggested that the company may have closed the BTC-backed loan and received collateral instead of adding to its coffers through outright purchases.
MARA continues to prioritize AI infrastructure
Attention has increasingly turned to MARA’s infrastructure program as the company expands beyond traditional Bitcoin mining operations.
Commenting on the latest speculation, market analyst Matt Allen said the company is no longer hoarding Bitcoin the way many investors think. Allen said MARA is focused on developing its AI data center business, reinforcing the guidance seen throughout the year.
Earlier this year, MARA announced its acquisition of Long Bridge for $1.5 billion, a transaction that significantly expanded the company’s AI and data center. Even with that strategic reconfiguration, the miner remains one of the largest corporate Bitcoin holders. Data from Bitcoin Treasuries shows that MARA holds more than 36,000 BTC, placing it behind Strategy, Twenty One Capital, and Metaplanet among public Bitcoin firms.
Investor enthusiasm for that strategy helped support the stock. According to data from Yahoo Finance, MARA shares have gained more than 63% year to date and are up more than 10% during the last five trading sessions.
Bitcoin miners are increasingly pursuing AI currency
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 data center power and capacity is becoming as valuable as the production of cryptocurrency itself. As reported by crypto.news, IREN has recently completed its acquisition of Spain-based Nostrum Group, adding approximately 490 megawatts of secured grid-connected capacity and establishing its first operational base in Europe for AI cloud services.
At the same time, capital continues to flow into AI infrastructure. Nvidia is preparing a bond offering worth at least $20 billion to fund AI-related investments and refinance existing debt.
The chip maker plans to issue notes in all seven types of maturities from two to 30 years, underscoring the scale of spending that is happening across the board.
Against this backdrop, companies including HIVE Digital, TeraWulf, Hut 8, and CleanSpark have increasingly promoted AI and efficient computing services in conjunction with mining. By repurposing areas originally built for Bitcoin operations, these companies are pursuing revenue streams that are less dependent on cryptocurrency market conditions while leveraging existing power contracts and data center assets.
