MARA Holdings, formerly Marathon Digital Holdings, has reached a new all-time high in Bitcoin mining revenue, fueled by Bitcoin’s recent surge to a record price. The company’s annualized mining revenue exceeded $752 million on May 27, according to data from CryptoQuant, making it the most profitable day in the company’s history. Marathon is currently the world’s largest publicly traded Bitcoin ( BTC ) mining firm by market capitalization. “Quarterly reports are slow. Onchain shows revenue in real time,” CryptoQuant founder and CEO Ki Young Ju wrote in a May 27 X post confirming the milestone. Marathon’s record revenue surge occurred days after Bitcoin rose to a new all-time high of $112,000 for the first time on May 22, a development attributed by some analysts to Japanese bond market turbulence, which saw bond yields rise to new highs amid economic turbulence in the country. BTC mining revenue, MARA, year-to-date chart. Source: CryptoQuant Related: Metaplanet’s Bitcoin 'premium’ nears $600k per BTC The revenue surge comes two weeks after MARA’s earnings report for Q1, which missed Wall Street estimates by 0.35%. The company’s Bitcoin production fell 19% year-over-year, primarily due to the April 2024 Bitcoin halving , which cut block rewards in half from 6.25 to 3.125 BTC. The 10 largest Bitcoin mining firms. Source: Companiesmarketcap Marathon is the world’s largest Bitcoin mining firm with a $5.18 billion market capitalization, according to Companiesmarketcap data. Related: $1M Bitcoin by 2030: Big names predict massive debt-driven BTC rally MARA’s Bitcoin holdings surpass $5 billion Despite the reduction in production, Marathon has continued to expand its Bitcoin holdings. As of May 27, MARA’s Bitcoin holdings are 48,237 BTC worth over $5.28 billion, making the Bitcoin mining firm the world’s second-largest corporate Bitcoin holder with over 0.23% of the total supply, Bitbo data shows. Largest corporate Bitcoin holders. Source: Bitbo The top spot remains held by Strategy (formerly MicroStrategy), which holds over $63 billion in Bitcoin. Despite the revenue surge, daily miner revenues averaged around $50 million, significantly below historic peaks of $80 million, signaling that there is still “room to climb back to those previous highs,” noted macro researcher and CryptoQuant author Axel Adler, in a May 27 X post . Source: Axel Adler Marathon first adopted Bitcoin as a strategic treasury reserve asset in July 2024, when it added $124 million worth of BTC to its balance sheet. Magazine: Arthur Hayes $1M Bitcoin tip, altcoins ‘powerful rally’ looms: Hodler’s Digest, May 11 – 17
