Bitcoin Hits $103K as MARA’s Holdings Approach $5B

MARA increased its Bitcoin holdings by 175% year-over-year, now worth nearly $5 billion. However, Q1 production declined, and earnings narrowly missed analyst forecasts.

MARA triples its Bitcoin stack in 12 months

MARA Holdings, formerly Marathon Digital, reported strong growth in its Bitcoin reserves. The company’s holdings surged from 17,320 BTC in Q1 2024 to 47,531 BTC in Q1 2025 — a 175% increase. Based on Bitcoin’s price of $102,660, the value of these holdings stands at approximately $4.9 billion.

According to CoinGecko, MARA is the second-largest public holder of Bitcoin, following MicroStrategy with 555,450 BTC.

Mining output falls post-halving

Despite growing reserves, MARA’s Bitcoin production dropped by 19% year-over-year to 2,286 BTC in Q1. The company attributed this to the recent halving event, which reduced rewards to 3.125 BTC per block.

MARA missed analyst revenue expectations by just 0.35%, per Zacks Research. Analysts noted MARA only beat revenue forecasts once in the past four quarters. Even so, MARA’s share price jumped 7.2% on May 8 before pulling back 2% in after-hours trading.

Broader sector faces similar challenges

Riot Platforms reported that its cost to mine one Bitcoin rose to $43,808 — nearly 90% higher than last year. Despite this, it beat revenue expectations by 1%.

CleanSpark also missed consensus estimates by 0.58%, posting Q1 revenue of $181.71 million. Core Scientific came in at $79.5 million, down from $179.3 million in Q1 2024 and 8.11% below estimates.

Hut8 saw the sharpest decline, missing projections by 35%. While analysts expected $35 million in revenue, Hut8 reported only $21 million.