Marathon Digital Holdings (NASDAQ: MARA), one of North America’s largest Bitcoin miners, experienced a groundbreaking month in May 2025, marking a pivotal point in its long-term Bitcoin accumulation strategy.
The company announced it mined a record 282 Bitcoin blocks, resulting in a total production of 950 BTC—a 35% increase from the previous month. This surge raised Marathon’s total Bitcoin reserves to 49,179 BTC, potentially making it the largest Bitcoin holder among publicly traded entities.
Since announcing a shift to a “Bitcoin yield” model in July 2024, Marathon has reaffirmed its commitment to both mining and acquiring BTC, rather than liquidating assets. This HODL strategy has substantially bolstered Marathon’s Bitcoin reserves. However, these approaches, coupled with a notable decline in Bitcoin’s price, have led to a significant depreciation in the overall value of Marathon’s core business operations.
Record Mining Performance and Accelerated Accumulation
May 2025 was Marathon Digital’s most productive month to date. The company mined a total of 282 blocks—a 38% increase from April—resulting in 950 BTC produced, which marks a 35% MoM increase. These figures highlight the efficiency and scalability of Marathon’s mining operations. Even as post-halving mining profitability has diminished, Marathon continues to perform admirably and deliver consistent results.
This new BTC production has increased the company’s total Bitcoin holdings to 49,179, positioning Marathon not just as a miner, but as a substantial institutional Bitcoin holder. The decision to engage in significant over-the-counter purchases aligns well with Marathon’s long-term strategy shift announced in July 2021, leading to a 166.5% increase in total Bitcoin holdings since then.
Moreover, the increase in “Bitcoin per share,” a crucial metric for investors evaluating Marathon’s cryptocurrency exposure, reflects this strategy. Since adopting the HODL approach, Bitcoin per share has surged by 117.4%.
Strategic Pivot: From Mining Company to Bitcoin Treasury
Marathon has evolved to prioritize HODLing and generating yield from Bitcoin. This transformation signifies a broader change—Marathon is no longer simply a mining operation; it has become a hybrid entity that combines large-scale Bitcoin production with balance-sheet accumulation of key cryptocurrencies like Bitcoin.
This strategic approach resembles the practices of companies like MicroStrategy, which have transitioned into Bitcoin-centric holdings. Unlike most mining firms that focus on immediate profits, Marathon’s strategy is a long bet on Bitcoin’s future value. The company encourages stakeholders to consider not just accumulation, but also the potential for Bitcoin appreciation over time.
Since July 2024, Marathon has been actively participating in the Bitcoin spot market to bolster its strategically acquired reserves. By holding onto its BTC instead of liquidating it, the company has effectively benefited from Bitcoin’s broader market trends.
Business Valuation Challenges Amid BTC Focus
However, this transformation has not been without challenges. While Marathon’s Bitcoin reserves have grown, the value of its core business—comprised of mining operations and related infrastructure—has considerably declined. Estimates indicate that the value of Marathon’s operational business has dropped by over 95% since the announcement of its HODLing strategy in July 2024.
This decline can be attributed to various factors, including rising operational costs, decreased mining profitability post-halving, and a reassessment of the company’s revenue-generating capabilities. With Marathon evolving into a crypto holding company, traditional metrics like revenue and EBITDA have become less relevant compared to a balance sheet laden with Bitcoin.
For Bitcoin-maximalist investors and those looking for public equities with Bitcoin exposure, Marathon presents a compelling opportunity. With its significant Bitcoin reserves and mining capabilities, the company occupies a unique space at the intersection of digital asset infrastructure and treasury management.
Conclusion: A High-Risk, High-Conviction Play
In May 2025, Marathon Digital achieved its most successful mining month ever, aggressively accumulating Bitcoin. With nearly 50,000 BTC in its reserves, it stands as a singular entity within the crypto landscape, underpinned by strong beliefs in Bitcoin’s future price and utility.
This focused strategy does come with risks. As the value of the core business declines, Marathon becomes increasingly reliant on Bitcoin’s success. Even minor fluctuations in Bitcoin prices can significantly impact Marathon’s stock, making this a high-stakes strategy for the company.