Marathon reports $410M cash and Bitcoin after earlier 10-K delay
Crypto mining company Marathon Digital Holdings published its February operations report on March 2, outlining its financials and hashrate data for the past month.
Marathon has $410 million in unrestricted assets
In its report, Marathon said it increased its unlimited cash to $219.7 million and increased its unlimited Bitcoin holdings to 8,260 BTC ($191.2 million). Together, these two groups of assets total $410 million in unrestricted ownership interests.
The company reported additional restricted assets of 3,132 BTC and $8.8 million in cash, bringing its total assets to 11,392 BTC and $228.5 million in cash.
Marathon produced 683 BTC in February and 1,370 BTC this quarter to date. The company sold 650 BTC in February, but raised its unlimited Bitcoin holdings.
The company also reached a hash rate of 9.5 exahashes by powering 19,000 units, representing a 30% increase between January and February. The company said daily Bitcoin production was 10% higher in February than in January.
Marathon plans to increase its mining power by adding 23 exahashes this summer.
The company postponed its 10-K filing
On February 27, Marathon told the SEC that it would delay its 10-K filing after learning that the method for calculating Bitcoin depreciation was flawed.
The fact that the company operated a Bitcoin mining pool that contained third-party participants also required changes to the company’s 10-K filing. The company is expected to file its 10-K filing within a 15-day grace period.
Rival mining company Riot Blockchain reported financial results on Thursday, saying it saw $259 million in total revenue in 2022. Riot similarly said it would delay its annual 10-K filing due to the method of calculating Bitcoin depreciation.
Silvergate Bank also delayed its 10-K filing this week, prompting several companies to distance themselves from the firm — though the delay is primarily due to regulatory probes.
The price of the Marathon share (MARA) is down 3.84% in the last 24 hours from 02.45 on 3 March. The stock is up 1.12% after working hours.
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