Marathon Digital Holdings, a leading player in the Bitcoin mining industry, has achieved a monumental milestone with an annualized mining revenue surpassing $752 million as of May 27. This record was propelled by Bitcoin’s remarkable ascent to an all-time high of $112,000 on May 22, a trend attributed to recent turbulence in the Japanese bond market.
According to data from CryptoQuant, the day marked the most profitable in the company’s history. As the world’s largest publicly traded Bitcoin mining firm by market capitalization, Marathon has strategically positioned itself to leverage the fluctuations in cryptocurrency prices.
“Quarterly reports are slow. Onchain shows revenue in real time,” stated CryptoQuant’s founder, Ki Young Ju, in a May 27 post confirming Marathon’s significant milestone.
The surge in revenue comes on the heels of Marathon’s Q1 earnings report, which fell short of Wall Street expectations by a narrow margin of 0.35%. The company experienced a 19% year-over-year decrease in Bitcoin production, primarily due to the April 2024 Bitcoin halving event, reducing block rewards from 6.25 to 3.125 BTC.
Despite the drop in production, Marathon has continued to bolster its Bitcoin holdings. As of May 27, the company possesses 48,237 BTC, valued at over $5.28 billion, placing it as the second-largest corporate holder of Bitcoin, holding more than 0.23% of the total supply.
The top spot for corporate Bitcoin holdings remains with Strategy (formerly MicroStrategy), which boasts an impressive over $63 billion in Bitcoin. Furthermore, daily mining revenues averaged around $50 million; significantly lower than the peak of $80 million witnessed in previous periods, indicating potential growth opportunities ahead, as noted by macro researcher Axel Adler.
Marathon first incorporated Bitcoin as a strategic treasury reserve asset in July 2024, acquiring $124 million worth of BTC to enhance its balance sheet. As the cryptocurrency landscape evolves, Marathon Digital Holdings continues to adapt and innovate, showcasing resilience and strategic foresight in navigating market dynamics.
