MARA Holdings, Inc. current report, 30 November 2021

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Business Context and Reporting Period

This Form 8-K was filed by Marathon Digital Holdings, Inc. (MARA) on December 6, 2021, reporting events that occurred on November 30, 2021. The filing details the entry into material definitive agreements regarding cryptocurrency mining infrastructure and a new joint venture.

Key Financial Metrics

This filing is a Current Report (8-K) and does not contain audited financial statements, revenue, profit, cash flow, or balance sheet data. The only specific financial metric disclosed is the hosting fee rate of $0.044 per kilowatt hour for the new agreements.

Material Changes and Agreements

On November 30, 2021, the Company executed two significant transactions with Compute North, LLC:

  • Amended Hosting Agreement: An amended five-year agreement to host 73,000 S19 miners. Deployment is scheduled for the first two quarters of 2022 at a rate of $0.044 per kilowatt hour.
  • Joint Venture Formation: Creation of "Marathon Compute North 1 LLC" (the "LLC"). Marathon holds an 82% equity interest, while Compute North holds 18%.
  • LLC Hosting Agreement: The newly formed LLC entered into a hosting agreement with Compute North for 30,000 S19 miners at the same rate of $0.044 per kilowatt hour.

Guidance, Outlook, and Risks

The filing includes standard forward-looking statements regarding future events, noting that actual results may differ due to risks and uncertainties. Management does not intend to update these statements except as required by law. No specific financial guidance or outlook was provided in this document.

Investor Verification Checklist

  • Verify the total capital expenditure required to deploy the combined 103,000 S19 miners (73,000 direct + 30,000 via JV) in the first half of 2022.
  • Confirm the impact of the 82% ownership stake in the joint venture on consolidated financial reporting.
  • Review the full text of the Amended Hosting Agreement (Exhibit 10.1) for termination clauses or performance guarantees.
  • Assess the liquidity impact of the upcoming miner deployment schedule against current cash reserves.