Marathon reports $410M of cash and Bitcoin following earlier 10-K delay

Crypto mining firm Marathon Digital Holdings published its February operations report on March 2, outlining its finances and hashrate data for the past month.

Marathon has $410 million of unrestricted assets

In its report, Marathon said it increased its unrestricted cash to $219.7 million and increased its unrestricted Bitcoin holdings to 8,260 BTC ($191.2 million). Together, those two groups of assets amount to $410 million of unrestricted holdings.

The company reported additional restricted assets amounting to 3,132 BTC and $8.8 million 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 unrestricted Bitcoin holdings.

The company also reached a hash rate of 9.5 exahashes by powering 19,000 devices, representing an increase of 30% between January and February. The company said its daily Bitcoin output was 10% higher in February than in January.

Marathon plans to increase its mining power by adding 23 exahashes this summer.

Company postponed its 10-K filing

On Feb. 27, Marathon told the SEC that it would delay its 10-K filing due after learning that its method of calculating impairment on Bitcoin was improper.

The fact that the company operated a Bitcoin mining pool containing third-party participants also required changes to the company’s 10-K filing. The company is expected to submit its 10-K filing within a 15-day extension period.

Competing mining firm Riot Blockchain reported financial results Thursday and said it saw $259 million of total revenue in 2022. Riot similarly said that it would delay its annual 10-K filing due to its method of calculating impairments on Bitcoin.

Silvergate Bank also delayed its 10-K filing this week, leading several companies to distance themselves from the firm ⁠— though its delay is primarily due to regulatory probes.

The price of Marathon stock (MARA) is down 3.84% over the past 24 hours as of 2:45 a.m. on March 3. The price of the stock is up 1.12% after hours.