Marathon Digital Holdings, Inc. (Marathon), a digital asset technology company focused on the Bitcoin ecosystem, has reported its annual financial performance for the fiscal year ended December 31, 2023. The company's revenue saw a significant increase, with total revenues reaching $387.5 million. Operating income also showed a positive trend, with the company achieving $220.9 million. Net profit for the year was substantial at $261.2 million, and the diluted earnings per share stood at $1.06. Marathon's business development throughout the year included strategic initiatives such as the acquisition of 100% of the issued and outstanding equity interests of GC Data Center Equity Holdings, LLC, which provided the company with two operational bitcoin mining sites and an aggregate of 390 megawatts of operational capacity. The company's future...Show More

Marathon Digital Holdings, Inc. (Marathon), a digital asset technology company focused on the Bitcoin ecosystem, has reported its annual financial performance for the fiscal year ended December 31, 2023. The company's revenue saw a significant increase, with total revenues reaching $387.5 million. Operating income also showed a positive trend, with the company achieving $220.9 million. Net profit for the year was substantial at $261.2 million, and the diluted earnings per share stood at $1.06. Marathon's business development throughout the year included strategic initiatives such as the acquisition of 100% of the issued and outstanding equity interests of GC Data Center Equity Holdings, LLC, which provided the company with two operational bitcoin mining sites and an aggregate of 390 megawatts of operational capacity. The company's future plans involve commencing a new at-the-market offering program with the potential to offer and sell shares of common stock up to $1.5 billion. Despite the positive financial performance, the company identified a material weakness in its internal control over financial reporting related to revenue recognition, which is being addressed through ongoing remediation efforts.