Glowing blue cubes representing Bitcoin are linked by chains, illustrating blockchain technology.

Interconnected glowing Bitcoin cubes, linked by chains, symbolize the decentralized power of blockchain technology. By MDL.

Finance

Riot Platforms Overtakes Marathon Digital: How Strategic Moves Propelled the Bitcoin Miner to New Heights

Riot Platforms surpassed Marathon Digital, becoming the 2nd most valued Bitcoin miner, with a $7.04B market cap.

byAndres Castro

September 24, 2025, 6:44 PM

Executive Summary

Riot Platforms (RIOT) surpassed Marathon Digital (MARA) in market capitalization on September 24, becoming the second most valued publicly traded Bitcoin miner with a market cap of approximately $7.04 billion.

Riot Platforms reported an increase in Bitcoin production and is strategically expanding into high-performance computing, appointing Jonathan Gibbs as Chief Data Center Officer.

Riot Platforms announced a return to profitability in its Q2 2025 earnings report, further bolstering investor sentiment and contributing to its enhanced market position.

The Story So Far

Riot Platforms’ recent surge past Marathon Digital in market capitalization is primarily driven by strong investor confidence, reflected in a significant jump in its share price, coupled with increased Bitcoin production in July 2025, strategic expansion into high-performance computing, and a return to profitability reported in its Q2 2025 earnings.

Why This Matters

Riot Platforms’ surge past Marathon Digital in market capitalization signifies a notable shift in the competitive landscape of publicly traded Bitcoin miners, solidifying its position as a leading industry player. This enhanced market standing is further bolstered by the company’s strategic expansion into high-performance computing and data center development, indicating a diversification beyond traditional mining that could set a new precedent for the sector. Coupled with its return to profitability in Q2 2025, these developments underscore a period of strong operational growth and increased investor confidence.

Who Thinks What?

The market demonstrated strong confidence in Riot Platforms, propelling its share price and market capitalization to become the second most valued publicly traded Bitcoin miner.

Riot Platforms is strategically expanding its operations into high-performance computing and has successfully returned to profitability, signaling a broader vision for future growth.

Riot Platforms (NASDAQ: RIOT) surged past Marathon Digital (NASDAQ: MARA) in market capitalization on September 24, becoming the second most valued publicly traded Bitcoin miner. RIOT’s market cap reached approximately $7.04 billion, outpacing MARA’s $6.8 billion valuation, following a significant jump in its share price.

Market Cap Shift and Share Performance

Shares of Riot Platforms opened at $17.82 on September 24 and climbed above $19 before 10:00 AM EST, reflecting strong market confidence. This upward movement was instrumental in elevating the company’s overall valuation, solidifying its position among top industry players.

Bitcoin Production and Strategic Expansion

The company reported an increase in Bitcoin production in July 2025, mining 484 BTC, an 8% rise from June’s 450 BTC. While August saw a slight month-over-month decline to 477 BTC, Riot Platforms has also been actively expanding its operations beyond traditional mining.

Riot is making strategic advancements into high-performance computing. In July, the company appointed Jonathan Gibbs as Chief Data Center Officer, tasked with leading scalable data-center development. This move signals a broader strategic vision for the company’s future growth.

Return to Profitability

Further bolstering investor sentiment, Riot Platforms announced a return to profitability in its Q2 2025 earnings report. This financial turnaround, coupled with its operational growth and strategic initiatives, has contributed to its enhanced market position.