Bitcoin mining firm MARA Holdings (formerly Marathon Digital) has nearly tripled its Bitcoin holdings over the past year, reaching 47,531 BTC by the end of Q1 2025. This marks a 175% increase from the 17,320 BTC held at the end of Q1 2024, according to the company’s latest earnings report.
At Bitcoin’s current price of $102,660, MARA’s holdings are now valued at roughly $4.9 billion, positioning the company as the second-largest Bitcoin-holding public firm, trailing only MicroStrategy (MSTR), which holds 555,450 BTC.
Bitcoin Boom Boosts Value, But Mining Output Slows
While MARA’s Bitcoin reserves surged in value thanks to the latest price rally, the company’s Bitcoin production fell by 19% year-over-year. In Q1 2025, MARA mined 2,286 BTC, down from the same quarter in 2024.
This production drop is largely due to the recent Bitcoin halving event, which slashed block rewards from 6.25 BTC to 3.125 BTC. The halving is designed to reduce new Bitcoin supply and typically leads to tighter mining margins.
Despite the increase in Bitcoin value, MARA slightly missed Wall Street’s revenue expectations. Analysts at Zacks Research noted that MARA fell short of consensus revenue estimates by 0.35%, and has only beaten those estimates once in the last four quarters.
Key Takeaways
- Holdings Surge: MARA’s Bitcoin stash grew 175% year-over-year to 47,531 BTC.
- Valuation Nears $5B: At $102,660 per BTC, the firm’s holdings are worth around $4.9 billion.
- Production Drops: Quarterly mining output fell 19% due to the Bitcoin halving.
- Earnings Miss: MARA narrowly missed revenue forecasts and has underperformed in recent quarters.
With Bitcoin’s rally continuing to drive valuations, MARA’s long-term bet on accumulating BTC appears to be paying off—despite short-term production challenges.
