Marathon Digital Hits Post-Halving High With 950 Bitcoin Mined in May, Expands Crypto Treasury
Marathon Digital Holdings (NASDAQ: MARA), the largest publicly traded Bitcoin miner in the United States, mined 950 BTC in May—its highest monthly output since the April 2024 Bitcoin halving. Valued at over $101 million, the company announced it is holding the entire haul, bringing its total Bitcoin treasury to 49,179 BTC. This cements its position as the second-largest Bitcoin reserve among public companies.
The 950 BTC mark represents a 35% jump from April and coincides with a company record of 282 blocks mined during the month—a 38% increase over the previous month. Despite headwinds from the halving, which cut mining rewards in half, Marathon’s May performance underscores its efforts to scale production and navigate the tighter revenue environment.
“MARA is proving it can ramp up post-halving,” said one industry analyst. “Block production this strong shows they’re not just surviving but expanding.”
To bolster future mining potential, Marathon has committed to increasing capacity and investing heavily in infrastructure. Back in March, the firm announced plans to sell up to $2 billion in stock to fund operations and expand its BTC reserves. While May’s production is still below the company’s all-time monthly high of 1,853 BTC in December 2023, it’s a clear sign of momentum returning.
Marathon’s diversification strategy also includes forays into AI infrastructure—an increasingly popular move among Bitcoin miners seeking more stable revenue streams in the face of shrinking margins. The company has recently partnered with SEC-registered crypto investment advisor Two Prime to deploy 500 BTC into a managed yield strategy, aiming to generate additional returns on its holdings.
Financially, MARA reported $214 million in revenue for Q1 2025, up $50 million year-over-year. However, it also posted a net loss of $533 million for the quarter. Despite that, investor sentiment appears cautiously optimistic: the stock is currently trading above $15, up over 5% on the day, though it remains down 12.7% year-to-date. Several analysts have assigned an "outperform" rating, with some projecting the stock could more than double in the next 12 months.