MARA shares reach a one-month peak

Mara Holdings became the world’s most profitable corporate miner, after a year of hashrate growth and new market peaks for BTC. MARA shares also expanded to a one-month peak. 

Mara Holdings posted $752M in annualized income from its Bitcoin mining business. The company has turned into one of the most profitable corporate miners, growing its hashrate over the years. 

To achieve its current earnings, Mara Holdings built 57.3 EH/s in total hashrate. 

Years ago, we started down the road of Bitcoin mining with just ~0.2 EH/s.

Since then, we’ve gone far beyond the benchmarks that once defined the industry, with over ~57 EH/s of computational power energized.

We have redefined what it means to be a Bitcoin miner. Today, we are… pic.twitter.com/MYZTonMVRd

— MARA (@MARAHoldings) May 27, 2025

The miner runs its own pool, which includes all its data centers and farms. Mara Holdings produces up to 10% of blocks due to the high efficiency of its mining operations. The corporate miner is among the top 10 pools and the second-largest US-based mining pool following Foundry Digital. 

Mara Holdings produces new BTC both through its native pool, and through Foundry.USA, receiving regular inflows of BTC. The corporate miner holds 10,765 BTC in its mining-connected wallet for a constantly growing treasury. 

The mining operations were also the basis of Mara Holding’s leveraged buying. Mara is the second-biggest BTC holder after Strategy (MSTR), with a total of 48,137 BTC. The fund has an extremely low-cost basis for its BTC treasury, fulfilling the purpose of tapping value. The company increased its holdings by 174% in the past five quarters on a mix of mining and sporadic acquisitions. 

The success of Mara showed miners were now immune to panic-based capitulation, even during BTC downturns. Miners continue to produce BTC under stressful conditions but retain most of the coins. BTC miners hold over 1.8M coins, some of which have been used as the basis for corporate treasuries. 

MARA shares reach a one-month peak

MARA shares recovered to a one-month peak, gaining more rapidly in the past day. MARA traded at $16.34, tracking the BTC expansion in May. Interest in MARA also increased as traders focused on companies carrying Bitcoin treasuries. MARA increased its mindshare on social media, for its unique position as a scalable block producer and direct BTC buyer. The companies also gained exposure during the Bitcoin Conference in Las Vegas. 

MARA also achieved the biggest daily gains, though other corporate miner stocks were in the green. Most corporate miner stocks tracked the BTC market, with net gains for the past month. 

The shares of Mara Holdings have reflected both its mining results and the robust BTC treasury. However, Mara Holdings has not announced new acquisitions and has not competed with Strategy to acquire more BTC through leveraged instruments. 

Despite this, the holding’s approach is more sustainable, supported by its mining operations, locations, and the ability to pivot to data centers. The company expanded to a total of 17 data centers as of May 2025. The company has highly efficient mining operations, accessing 1.1 GW in energy, with the option to expand to 1.7 GW. 

BTC mining costs are estimated at $91,950 per coin, though Mara Holdings has achieved a lower production price due to its early investment and access to cheap energy.

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