secwatch.observer — SEC 8-K summary
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Issuer:     MARA Holdings, Inc. (MARA)
CIK:        0001507605
Form:       8-K
Filed at:   2023-02-28T23:59:59+00:00
Accession:  0001493152-23-006169
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 4.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1507605/000149315223006169/0001493152-23-006169-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1507605/000149315223006169/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-006169

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