Thanks to a recent price increase to a new all-time high, MARA Holdings, formerly known as Marathon Digital Holdings, reached a new all-time high in Bitcoin mining revenue.
According to data from CryptoQuant, 27 May was the company's most profitable day ever, with annual mining revenue exceeding $752 million. By market capitalisation, Marathon is now the largest Bitcoin (BTC) miner in the world.
"Quarterly reports are slow." In a post on X on 27 May, Ki Young Joo, founder and CEO of CryptoQuant, confirmed the result, writing: "The network shows real-time revenues."
'@MARAHoldings' annualised #Bitcoin mining revenue hit an all-time high.
- Ki Young Ju (@ki_young_ju) May 27, 2025
Quarterly reports are slow. On-chain shows revenue in real time 🙂 pic.twitter.com/9kJTEas4GU
A few days after the price of Bitcoin hit a new all-time high of $112,000 on 22 May - an event that some analysts link to unrest in the Japanese bond market - Marathon reported record revenue growth as bond yields soared to all-time highs amid economic turmoil in the country.
Two weeks after MARA's first-quarter results disappointed Wall Street estimates by 0.35%, the company's sales rose significantly. After the April 2024 Bitcoin halving, which halved the rewards per block from 6.25 to 3.125 BTC, the company's Bitcoin mining declined 19% year-on-year.
According to Companiesmarketcap, Marathon is the largest company in mining of Bitcoin in the world, with a market capitalisation of $5.18 billion.
MARA's Bitcoin Reserves Exceed $5 Billion
Despite the outage, Marathon has continued to increase its Bitcoin reserves.
With over 0.23% of global supply, MARA is the second largest corporate Bitcoin holder in the world, with 48.237 BTC worth around $5.28 billion as of 27 May, according to data from Bitbo.
First place remains occupied by Strategy (formerly MicroStrategy), which owns over $63 billion in Bitcoin.
Despite the increase in revenue, daily miner revenue is still around $50 million, well below its historical peak of $80 million. This suggests that there is still "room to return to previous highs," noted macroeconomic researcher and CryptoQuant author Axel Adler in a post on X on 27 May.
In July 2024, when Marathon added $124 million in Bitcoin to its balance sheet, it adopted BTC as a strategic reserve asset for its treasury.
Accumulation Strategy: Marathon's Long-Term Vision
Marathon's strategic approach to Bitcoin accumulation highlights its bullish long-term view on the cryptocurrency market. The steady growth of its reserves, despite market volatility and declining mining revenues, demonstrates the company's confidence in the future value of Bitcoin.
According to some analysts, Marathon's approach reflects a broader institutional trend towards digital assets as a hedge against inflation and the devaluation of fiat currencies.
Marathon's operational efficiency and scale of its mining operations have also allowed it to maintain profitability even after halving. With continued technological advances and potential regulatory clarity on the way, Marathon is well positioned to strengthen its role in the crypto economy, possibly competing with the largest corporate holders of Bitcoin in the coming years.
