Marathon Digital Holdings (NASDAQ: MARA), one of the largest miners of Bitcoin in North America, has registered a never-before-seen month in May 2025, marking a significant punctuation in its word-to-Bitcoin-long-accumulation strategy.
The company announced that it mined 282 Bitcoin blocks—a monthly record—resulting in the production of 950 BTC, a 35% increase month-over-month (MoM). That surge has boosted Marathon’s total Bitcoin-haul to 49,179 BTC, by some estimates making it the largest holder of Bitcoin among publicly traded companies.
After announcing a change toward a “Bitcoin yield” model in July 2024, Marathon has reemphasized mining and purchasing BTC, moving away from regular asset liquidation to a more consistent HODL strategy. HODLing and yielding have significantly increased Marathon’s BTC reserves. But these strategies, coinciding with a pronounced decline in Bitcoin’s price/economics, have led to a substantial erosion in the value of Marathon’s core business operations.
Record Mining Performance and Accelerated Accumulation
Unlike other months, May 2025 was Marathon Digital’s most productive month. Compared to April, the company mined a total of 282 blocks—a 38% increase, which was directly translated into 950 BTC produced, representing a 35% increase over the previous month. May’s figures underscore the company’s mining operation’s efficiency and scalability. In short, while mining post-halving has become less profitable, Marathon’s continued to operate well and produce timely results.
The freshly extracted BTC boosts the company’s total Bitcoin stash to 49,179; in so doing, it makes Marathon not just a miner, but a legitimate large-scale institutional holder of Bitcoin. And this large-scale over-the-counter buying makes even more sense in light of Marathon’s “going long” shift announced in July 2021. Using that as a base, Marathon has increased its total holdings of Bitcoin by 166.5% since that time.
Another significant development is the jump in “Bitcoin per share,” a metric investors look at when trying to assess the intrinsic crypto exposure of Marathon’s stock. Marathon has not only adopted the HODL ethos but has been working to make this key metric move higher in coming quarters. Indeed, since adopting the HODL approach, Bitcoin per share has jumped 117.4%.
Strategic Pivot: From Mining Company to Bitcoin Treasury
Marathon has shifted to HODLing and has a new focus on producing yielding Bitcoin. This is a much broader transformation that we are undergoing. We are no longer a simple, straightforward mining operation. We are an entity that resembles a hybrid, on the one hand, infrastructure-scale Bitcoin production, and on the other hand, balance-sheet mining with amounts of certain key cryptocurrencies, including Bitcoin.
This strategic framework is reminiscent of what MicroStrategy and other firms have done. When we think of a company that has made a huge leap in Bitcoin accumulation, we think of MicroStrategy, which transitioned into a Bitcoin-centric holding company. Marathon’s move stands apart from most mining firms because it is a bet on the long-term Bitcoin price appreciation. Most mining firms prioritize near-term profits from mining, which requires a door to be right open. Marathon is asking us to consider not only the accumulation of Bitcoin but also the possibility of Bitcoin appreciation over time.
Starting from July 2024, Marathon has been taking part in the Bitcoin spot market, adding to its strategically bought reserves. By now holding its BTC rather than offloading it, the company has been able to surf along Bitcoin’s broader upward jam—if not indeed its upward wave, surfin’ U.S.A.
Business Valuation Challenges Amid BTC Focus
The transformation has not come without consequences, though. Marathon’s Bitcoin reserves have surged, but its core business—the mining operations and related infrastructure—has seen a steep decline in value. According to our internal estimates and some analyst commentary, the value of Marathon’s operational business has fallen by more than 95% since the company announced a strategy of holding, or ‘HODLing’, as much Bitcoin as possible in July 2024.
This drop is due to several coalescing factors: the operational cost increases, the post-halving pressure on mining profitability, and Marathon’s established revenue-generating segments coming under investor revaluation. As the company morphs more into a crypto holding company than a traditional tech enterprise, little metrics like revenue, EBITDA, and margin have become less relevant in favor of Marathon’s balance sheet teeming with BTC.
For investors who adhere to a Bitcoin-maximalist philosophy, as well as those in search of public equities that provide exposure to Bitcoin, Marathon appears a very attractive option. With its huge hoard of Bitcoin, along with mining capacity that all but guarantees much more in the foreseeable future, it occupies a unique position at the intersection of digital asset infrastructure and treasury strategy.
Conclusion: A High-Risk, High-Conviction Play
Marathon Digital experienced the strongest mining month in its history in May 2025. It is accumulating Bitcoin at an aggressive pace, and this growing company is perhaps the most unique entity in the crypto ecosystem today. With close to 50,000 BTC on its books, it has a half-dozen good reasons for believing Bitcoin is going to scale in price and/or utility like nothing else in financial history.
This unique focus has its perils. As the core business value plummets, the company increasingly depends on the success of Bitcoin alone. Even the slightest dip in Bitcoin price sends Marathon’s stock tumbling. In the company’s strategy, this is the no-turning-back route.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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