Marathon Digital Holdings, the world's largest publicly traded Bitcoin mining company by market capitalization, has reported a record annualized Bitcoin mining revenue exceeding $752 million. This milestone coincides with Bitcoin reaching a new all-time high price of $112,000 on May 22, 2025, following economic turbulence in the Japanese bond market. Despite a 19% year-over-year decline in Bitcoin production due to the April 2024 halving that cut block rewards in half, Marathon's profitability has surged significantly.
Institutional investors and market analysts are closely monitoring Marathon's performance, as its market capitalization recently surpassed $5.18 billion. CEO Fred Thiel has maintained a low public profile during this period. Real-time revenue insights highlighted by CryptoQuant’s CEO Ki Young Ju demonstrate a significant market shift, with mining revenue now more transparently tracked beyond traditional quarterly reports.
Marathon holds over 48,237 BTC, valued at approximately $5.28 billion, making it the second-largest corporate Bitcoin holder after Strategy (formerly MicroStrategy). The company continues to expand its Bitcoin holdings, adopting BTC as a strategic treasury reserve asset since July 2024. While daily miner revenues average around $50 million—below previous peaks of $80 million—analysts see room for further recovery in mining profitability.
This robust revenue performance echoes trends from previous Bitcoin halving events, where reduced block rewards are compensated by upward price momentum in Bitcoin. Marathon's success strengthens its position in the mining industry and suggests optimistic long-term prospects linked to sustained BTC price appreciation.