---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-23-006169"
form_type: "8-K"
ticker: "MARA"
cik: "0001507605"
company_name: "MARA Holdings, Inc."
filed_at: "2023-02-28T23:59:59+00:00"
generated_at: "2026-06-18T21:53:47.516368+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Marathon Digital restates 2021-2022 financials due to bitcoin impairment and revenue accounting errors

## Summary
- Audit Committee concludes FY2021 and all quarterly 2021-2022 financials should no longer be relied upon; restatement underway.
- Bitcoin impairment test incorrectly used daily cutoff time instead of intraday low price per ASC 350-30-35-19.
- Mining pool revenues understated: company recorded as agent (net) instead of principal (gross); no effect on net income.
- Company expects to file 2022 10-K by March 16, 2023 via 15-day extension on Form 12b-25.

## SEC filing metadata
- accession: 0001493152-23-006169
- form_type: 8-K
- ticker: MARA
- cik: 0001507605
- company_name: MARA Holdings, Inc.
- filed_at: 2023-02-28T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 4.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1507605/000149315223006169/0001493152-23-006169-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1507605/000149315223006169/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-006169
- JSON: https://secwatch.observer/filing/0001493152-23-006169.json
- Plain text: https://secwatch.observer/filing/0001493152-23-006169.txt

## Key facts
- Auditor Changes
  MARA Holdings, Inc. reported that prior financial statements should not be relied upon.
  - Action: non reliance
  - Auditor: Marcum LLP
  source text: On February 27, 2023, the Company’s Audit Committee of the Board of Directors , after consultation with Marcum LLP, the Company’s independent auditor, concluded that due to certain accounting errors, as described below, the previously issued audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and the previously issued unaudited condensed consolidated financial statements for the interim periods in 2022 and 2021 as contained in the Company’s Quarterly Reports on Form 10-Q for the fiscal periods ended March 31, 2021 and 2022, June 30, 2021 and 2022 and September 30, 2021 and 2022 (the “Impacted Financial Statements”) should no longer be relied upon.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1507605/000149315223006169/0001493152-23-006169-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.