Marathon Holdings, previously known as Marathon Digital, has hit a historic milestone, posting its highest-ever revenue from Bitcoin mining thanks to a recent price rally.
On May 27, Marathon’s annualized revenue from mining operations surged past $752 million, as per data from CryptoQuant. This marks the company’s most profitable day to date. With its market cap leading the sector, Marathon remains the largest publicly listed Bitcoin mining company globally.
“Quarterly filings take time, but on-chain metrics deliver instant insight,” said CryptoQuant CEO Ki Young Ju in a May 27 post on X, confirming the record-setting performance.
This major revenue spike came shortly after Bitcoin soared to a new peak of $112,000 on May 22, a jump some analysts linked to economic instability in Japan, where government bond yields hit multi-year highs.
The boost in revenue also follows Marathon’s Q1 earnings report, which was released two weeks earlier and slightly underperformed analyst forecasts by 0.35%. The firm also reported a 19% decline in Bitcoin output year-on-year, largely due to the April 2024 Bitcoin halving that reduced block rewards from 6.25 BTC to 3.125 BTC.
According to Companiesmarketcap, Marathon currently holds a $5.18 billion market valuation, further cementing its industry dominance.
MARA’s Bitcoin Reserve Exceeds $5B
Despite the recent production cut, the company has steadily increased its Bitcoin reserves. As of May 27, Marathon held 48,237 BTC valued at more than $5.28 billion, making it the second-largest corporate holder of Bitcoin globally. That equates to over 0.23% of Bitcoin’s total supply, per data from Bitbo.
MicroStrategy (now Strategy) retains the top position, with holdings exceeding $63 billion in BTC.
While the company hit a new high in annualized revenue, daily revenues across the mining sector still hover around $50 million—well below the historic $80 million peak. According to CryptoQuant’s Axel Adler, this suggests there is still potential for further upside in mining earnings.
Marathon officially embraced Bitcoin as a treasury asset in July 2024, adding $124 million in BTC to its balance sheet—a move that continues to pay off amid ongoing price growth.
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