Shares of Bitcoin mining giant MARA Holdings surged more than 17% this week as investors responded to a new monthly production update. The company mined fewer blocks than in May — but what’s grabbing attention is the scale of its current Bitcoin reserves.
Investors React to June Mining Figures
MARA’s stock gained serious traction after the company released its Bitcoin mining results for June. That report, showing 211 blocks mined last month, marked a 23% drop from May’s total of 282.
So what gives?
Turns out, investors are looking beyond the monthly drop. Even with the decline, MARA still managed to secure 5.4% of all Bitcoin blocks mined globally in June. And with the Bitcoin halving in April slashing rewards in half, this isn’t bad at all.
One reason for the lower output? Weather. Some of MARA’s mining rigs were taken offline temporarily due to heat-related power curtailments. Another factor? June is a shorter month — by about 3%.
Still, the scale of operations is hard to ignore.
What the Block Rewards Really Mean for MARA
Every time a block of Bitcoin transactions gets validated, miners get rewarded with newly minted Bitcoin. Right now, each reward is 3.125 BTC, following April’s halving. That number will halve again in 2028.
For MARA, block rewards are essentially revenue — and the more they win, the better their top line looks. In June, MARA bagged roughly 659 Bitcoins just from rewards.
That translates into serious money. Based on current prices, that’s more than $41 million in new Bitcoin in one month alone.
Here’s how it stacks up:
| Metric | June 2025 | May 2025 | % Change |
|---|---|---|---|
| Blocks Won | 211 | 282 | -23% |
| Bitcoins Mined | ~659 BTC | ~879 BTC | -25% |
| Network Share | 5.4% | 7.1% | -1.7 pts |
| Exahash/s (Current) | 57.4 EH/s | 54.7 EH/s | +4.9% |
That’s big. And the market noticed.
A Bitcoin Stash Bigger Than Most Nations
Now here’s the kicker: MARA currently holds 47,940 Bitcoins. That’s second only to Michael Saylor’s Strategy (formerly MicroStrategy) among public companies.
At current Bitcoin prices, that stash is worth around $5.47 billion.
Think about that for a second.
That means over 88% of MARA’s total market cap — now hovering around $6 billion — is tied directly to Bitcoin. So when Bitcoin rises, MARA rides the wave. If BTC tanks, well… you get the idea.
There’s risk. But also massive upside. And MARA’s hoarding strategy is clearly aimed at long-term appreciation.
That’s not the only thing fueling bullish sentiment.
Growing Infrastructure Signals Long-Term Bet
MARA’s mining infrastructure is the largest in the world, and it’s still expanding. This month’s production target of 57.4 EH/s is expected to jump by 31% to hit 75 EH/s by December.
In Bitcoin terms, that’s like beefing up your lottery ticket printer when the prize just got cut in half.
It’s a clear sign that MARA’s leadership sees long-term growth in Bitcoin mining, even after the halving.
One unusual twist in all this is how MARA’s gross margins look: they’re negative. The company is still spending more than it’s making in pure revenue — but if Bitcoin prices keep trending up, those books could flip fast.
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Current gross margin: -35.71%
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Total BTC holdings value: $5.47 billion
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Market cap: $6 billion
And that gap? Investors seem willing to overlook it for now.
The Bigger Picture: Bitcoin Prices and Market Sentiment
Let’s be real. A lot of MARA’s price movement depends on Bitcoin itself.
BTC has been relatively steady, up slightly this week to just over $60,000. But more importantly, there’s confidence in the broader crypto market heading into the second half of the year.
That optimism is contagious.
Analysts are betting that ETFs, continued adoption, and the halving’s longer-term effects could push Bitcoin higher in Q4. That alone could send mining stocks — especially those with big BTC reserves — flying.
So is MARA a good buy now?
Some analysts say not yet. Others argue the stock is undervalued just based on its BTC holdings alone. Either way, it’s hard to ignore when the company’s Bitcoin wallet is larger than many crypto exchanges.
Weather, Machines, and the Miner’s Luck
Bitcoin mining isn’t just about having machines. You also need favorable conditions — literally.
In June, MARA had to shut down rigs temporarily due to extreme heat. That’s not unusual in the summer, but it does show the physical limits of Bitcoin mining.
You need cheap power. You need cool temperatures. You need infrastructure that can run 24/7 — and sometimes, mother nature has other plans.
But still, MARA managed to mine over $40 million worth of BTC in June. That’s not something to shrug off.
The company’s future production targets suggest they’re not just reacting to market swings — they’re building for the long haul.
