Marathon Digital enters JV with FS Innovation for 250 MW mining facilities in Abu Dhabi

MARA Holdings, Inc.

JV entity formed in Abu Dhabi (ADGM); initial 250 MW mining sites planned.
Equity split: 80% FS Innovation, 20% Marathon; aggregate capital ~$406M.
Mined digital assets distributed bi-monthly pro rata to ownership percentages.
Marathon appoints 1 of 5 directors; five-year non-compete in UAE and US.
FSI commits to contribute majority capital; conditions apply during 2023 development.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

MARA Holdings, Inc. entered into Shareholders’ Agreement with FS Innovation, LLC valued at approximately $406 million (effective 2023-01-27).

Action: entry
Counterparty: FS Innovation, LLC
Value: approximately $406 million
Effective: 2023-01-27

Exact text from the filing

On January 27, 2023, Marathon Digital Holdings, Inc. (the “Company”) and FS Innovation, LLC (“FSI”) entered into a Shareholders’ Agreement (the “Agreement”) regarding formation of an Abu Dhabi Global Markets company (the “ADGM Entity”), whose purpose shall be to jointly (a) establish and operate one or more mining facilities for digital assets; and (b) mine digital assets (collectively, the “Business”).

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MARA Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-002672

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