Production rises, institutional inflows return, and regulatory momentum builds as PRISM Crypto Mining Index companies expand operations and infrastructure
New York, June 17, 2025 – PRISM MediaWire – Bitcoin miners delivered strong production and infrastructure updates in May, even as crypto stocks pulled back. According to HC Wainwright, total BTC production across leading public miners rose nearly 17% month-over-month to 3,369 BTC, with network hash rates and transaction fees both trending higher. Miners sold just 55% of their BTC output in May, down from 70% in April, signaling increased confidence in long-term pricing.
Institutional flows are picking up again. U.S. spot BTC ETFs brought in $1.4 billion in net inflows last week, snapping a two-week outflow streak. Corporate buyers also remain active. MicroStrategy added 10,100 BTC to its balance sheet, and Japanese firm Metaplanet purchased another 1,112 BTC, bringing its total holdings to 10,000 BTC. That figure now surpasses Coinbase’s own treasury holdings, highlighting the growing presence of non-U.S. corporate accumulators in the Bitcoin ecosystem.
Meanwhile, the U.S. Senate is preparing to vote on the GENIUS Act, the first major piece of federal stablecoin legislation, which could mark a turning point for crypto regulation. While Bitcoin prices remained stable at $105,513, public mining stocks fell 6.8% on average last week, creating a potential disconnect between operating strength and market sentiment.
Several companies in the PRISM Crypto Mining Index reported significant milestones in May. Here’s a look at key highlights:
MARA produced 950 BTC in May, up 35% month-over-month, and reported a record 282 blocks won, its highest monthly total ever. The company’s total BTC holdings reached 49,179. Management credited the strong results to the performance of its self-operated MARA Pool and its vertically integrated digital energy model, which allows for tighter cost control and greater operational flexibility.
CleanSpark mined 694 BTC in May while boosting its hashrate to 45.6 EH/s. BTC holdings doubled year-over-year to 12,502, with no equity issued since November 2024. The company secured an additional 72 MW of contracted power, bringing its total to 987 MW. CleanSpark is expected to be the first public miner to reach 50 EH/s fully through self-operated infrastructure and aims to scale beyond 60 EH/s.
Cipher produced 179 BTC in May and exited the month with 966 BTC on its balance sheet. The company’s operating hashrate held steady at 13.5 EH/s, but a major capacity jump is imminent. Cipher’s Black Pearl site is on track for energization in June, and new rigs set to arrive in July are expected to raise the company’s hashrate to 23.1 EH/s.
Soluna Holdings (NASDAQ: SLNH)
Soluna continues to execute on its green infrastructure model. In May, Project Sophie reached 1.05 EH/s, and deployments began at Phase 1 of Project Dorothy 2. Soluna also secured $20 million in funding from Spring Lane Capital to build Project Kati 1, a 35 MW hosting facility in Texas. The capital partner has committed up to $100 million in additional project-level funding to support Soluna’s pipeline, which now exceeds 773 MW.
Source: PRISM MarketView
