Marathon Hits Record Bitcoin Mining Revenue as Holdings Surpass $5B
Marathon Holdings, the world’s largest publicly traded Bitcoin mining company, just reached a historic milestone. As of May 27, the firm’s Bitcoin mining revenue hit a record-breaking annualized rate of $752 million, driven by Bitcoin’s surge to a new all-time high.
According to data from CryptoQuant, this marked the most profitable day in Marathon’s mining history. “Quarterly reports are slow. Onchain shows revenue in real time,” wrote CryptoQuant CEO Ki Young Ju in a May 27 post on X, confirming the achievement.
Marathon’s revenue jump came just days after Bitcoin skyrocketed to $112,000 on May 22. Analysts link the price surge to rising bond yields in Japan, triggered by recent market instability. The timing added fuel to the mining boom, despite a recent drop in production.
Mining Revenue Grows Despite Halving Effects
Earlier in May, Marathon reported a slight earnings miss for Q1 2025—falling just 0.35% short of Wall Street expectations. The company also experienced a 19% year-over-year drop in Bitcoin production, largely due to the April 2024 Bitcoin halving, which cut block rewards from 6.25 to 3.125 BTC.
However, Marathon’s strategy focuses on long-term growth. The company now holds 48,237 BTC, worth over $5.28 billion, making it the second-largest corporate holder of Bitcoin. Only Strategy (formerly MicroStrategy) holds more, with over $63 billion in BTC.
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Outlook Remains Strong
Even though Marathon saw record revenue, daily network-wide miner earnings remain around $50 million, below the $80 million peaks seen in past bull markets. As CryptoQuant’s Axel Adler noted, there’s still room to rise back to those historic highs.
Marathon further cemented its belief in Bitcoin’s future by adopting BTC as a strategic treasury reserve in July 2024—adding $124 million in Bitcoin to its balance sheet.
