On-chain transfers to the custodian NYDIG indicate that some public miners moved coins to execution wallets amid weaker quarterly results. Arkham on-chain data recorded the relevant transactions.

On-chain movements and amounts

Arkham registered large transfers to NYDIG: 200 BTC from MARA and 381.161 BTC from Riot Platforms, both directed to execution wallets. Such movements to custodian execution addresses are commonly treated as precursors to selling.

Quarterly results coinciding with transfers

• MARA: revenue for the second quarter fell by 27% to $174.9 million, and net loss widened to $611.3 million against a profit of $808.2 million a year earlier.
• CleanSpark: third fiscal quarter revenue declined by 30.5% to $138 million, with a net loss of $239.8 million.
• MARA reserves fell by 29% to 35,577 BTC (approximately $2.1 billion); the company remains the fourth-largest public holder of Bitcoin.

Operational moves amid constrained results

Despite the weaker financial indicators, both miners continue investing in compute and infrastructure for AI and high-performance computing workloads. MARA is expanding operations in Texas, while CleanSpark relies on a 20-year data center lease valued at $6.6 billion.

The concurrence of custodial transfers and disappointing quarterly figures suggests miners may be adjusting liquidity or portfolio positions. On-chain flows to execution wallets typically precede marketable sales, and industry observers monitor such activity for its potential impact on circulating supply.