MARA’s Bitcoin mining revenue hits record $752M as BTC price soars 💹
MARA Holdings, formerly Marathon Digital Holdings, reached a new all-time high in Bitcoin mining revenue, surpassing $752 million amid Bitcoin's record price rise. As of May 27, Marathon remains the largest publicly traded Bitcoin mining firm by market capitalization.
The revenue milestone followed Bitcoin's rise to an all-time high of $112,000, influenced by turbulence in the Japanese bond market. However, MARA’s Q1 earnings report showed a 19% decline in Bitcoin production, primarily due to the April 2024 Bitcoin halving, which reduced block rewards.
Despite reduced production, Marathon expanded its Bitcoin holdings to 48,237 BTC, valued at $5.28 billion, making it the world's second-largest corporate Bitcoin holder. Marathon continues to hold Bitcoin as a strategic treasury reserve asset since July 2024.