Record Revenue Amid Bitcoin Rally

On May 27, MARA reported the highest daily revenue in its history. The milestone was confirmed via on-chain data from CryptoQuant, as Bitcoin surged days earlier due to macroeconomic instability, notably in Japan’s bond markets.

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CryptoQuant CEO Ki Young Ju noted, “Quarterly reports are slow. On-chain shows revenue in real time.”

BTC Holdings Top $5 Billion Despite Halving Impact

Despite a 19% drop in Bitcoin production due to the April 2024 halving, MARA’s treasury strategy remains aggressive. With 48,237 BTC now held on its balance sheet — valued at over $5.28 billion — MARA trails only Strategy (formerly MicroStrategy) in corporate Bitcoin holdings.

The company’s market cap currently stands at $5.18 billion, making it the largest publicly traded Bitcoin miner globally.

Analysts: More Upside Possible

CryptoQuant’s Axel Adler commented that while daily mining revenues (~$50 million) are still below the historic $80 million peak, there’s potential to climb back to those highs.

MARA adopted Bitcoin as a strategic treasury reserve in July 2024, adding $124 million worth of BTC to its balance sheet, marking a key pivot in its financial strategy.

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