MARA Holdings, the world’s largest Bitcoin mining firm, has achieved an impressive milestone with its annualized revenue exceeding $752 million as of May 27. This record-breaking revenue surge was primarily driven by Bitcoin’s remarkable climb to an all-time high of $112,000 on May 22, marking a transformative moment for the cryptocurrency market.
According to CryptoQuant, this revenue achievement makes May 27 the most profitable day in the company’s history. With a market capitalization of $5.18 billion, Marathon currently holds the title of the largest publicly traded Bitcoin mining firm.
Chief Executive Officer of CryptoQuant, Ki Young Ju, emphasized the importance of on-chain data in real-time revenue evaluation, stating, “Quarterly reports are slow. Onchain shows revenue in real time.” This perspective reflects a growing trend among miners and investors focusing on more immediate revenue metrics rather than waiting for quarterly earnings reports.
The historic revenue spike also comes on the heels of Marathon’s Q1 earnings report, which fell slightly below Wall Street estimates by 0.35%. Furthermore, the company’s Bitcoin production saw a decline of 19% year-over-year, primarily due to the Bitcoin halving event that occurred in April 2024, which effectively reduced block rewards from 6.25 to 3.125 BTC.
Despite facing challenges in production, Marathon has continued to expand its Bitcoin holdings, which have now reached a total of 48,237 BTC, valued over $5.28 billion. This positions Marathon as the second-largest corporate holder of Bitcoin, representing over 0.23% of the total supply.
The primary leader of corporate Bitcoin holdings is now Strategy (formerly known as MicroStrategy), boasting an impressive portfolio of over $63 billion in Bitcoin assets. Additionally, while the fluctuations in Bitcoin prices have boosted revenues, daily miner revenues have averaged around $50 million, which is significantly less than the historical peaks of $80 million. Experts suggest that there remains substantial potential for miner revenues to reach these previous highs.
Marathon first integrated Bitcoin as a key reserve asset back in July 2024, when it augmented its balance sheet by adding $124 million worth of BTC. As the market eagerly watches these developments, analysts remain optimistic about future trends in Bitcoin mining and its implications for corporate strategies surrounding cryptocurrency adoption.
