Key Takeaways
- Marathon's annualized Bitcoin mining revenue hit $752 million on May 27.
- The firm holds 48,237 BTC, valued at over $5.28 billion.
- Bitcoin production fell 19% year-over-year due to the April 2024 halving.
MARA Holdings, formerly Marathon Digital Holdings, reported record annualized Bitcoin mining revenue of $752 million on May 27, making it the most profitable day in the company’s history.
The milestone follows Bitcoin’s recent surge to $112,000 on May 22, which analysts have linked to rising bond yields in Japan.
Market position and production challenges
Marathon is currently the world’s largest publicly traded Bitcoin miner with a market cap of $5.18 billion.
According to on-chain data from CryptoQuant, the spike in revenue comes despite a recent decline in production.
The company’s Q1 earnings, released two weeks earlier, missed Wall Street estimates by 0.35% and revealed a 19% year-over-year drop in Bitcoin production—largely due to the April 2024 halving, which reduced block rewards from 6.25 to 3.125 BTC.
Real-time revenue insights
CryptoQuant CEO Ki Young Ju said in a post confirming the achievement
Quarterly reports are slow. Onchain shows revenue in real time.
'@MARAHoldings' annualized #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
Bitcoin holdings & market impact
Marathon has continued to grow its Bitcoin holdings, which reached 48,237 BTC as of May 27, valued at over $5.28 billion.
This makes it the second-largest corporate holder of Bitcoin, owning more than 0.23% of the total supply.
Only Strategy (formerly MicroStrategy) holds more.
Revenue context
Despite the earnings surge, average daily miner revenues remain below historical highs, averaging $50 million compared to previous peaks of $80 million, according to macro researcher Axel Adler.
