Marathon Digital Holdings, Inc. has responded to a series of comments from the Securities and Exchange Commission (SEC) regarding its financial reporting practices. The correspondence, dated February 26, 2024, addresses the SEC's inquiries related to Marathon Digital's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and the Quarterly Report on Form 10-Q for the period ended September 30, 2023. Marathon Digital has agreed with the SEC's comments and provided revised revenue recognition policy footnotes to be included in its upcoming Form 10-K for the year ended December 31, 2023. The revisions pertain to the company's revenue from contracts with customers, particularly in relation to the timing and calculation of revenue from bitcoin mining activities as both an operator and participant in mining pools. The company has clarified its accounting for variable consideration and noncash consideration, ensuring compliance with the ASC 606 revenue recognition standard. Marathon Digital acknowledges its responsibility for the accuracy of its filings and has not asserted the SEC's comments as a defense against potential proceedings.

Marathon Digital Holdings, Inc. has responded to a series of comments from the Securities and Exchange Commission (SEC) regarding its financial reporting practices. The correspondence, dated February 26, 2024, addresses the SEC's inquiries related to Marathon Digital's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and the Quarterly Report on Form 10-Q for the period ended September 30, 2023. Marathon Digital has agreed with the SEC's comments and provided revised revenue recognition policy footnotes to be included in its upcoming Form 10-K for the year ended December 31, 2023. The revisions pertain to the company's revenue from contracts with customers, particularly in relation to the timing and calculation of revenue from bitcoin mining activities as both an operator and participant in mining pools. The company has clarified its accounting for variable consideration and noncash consideration, ensuring compliance with the ASC 606 revenue recognition standard. Marathon Digital acknowledges its responsibility for the accuracy of its filings and has not asserted the SEC's comments as a defense against potential proceedings.