- In this regard, the company has postponed the publication of the results for Q4 2022
- Commission found errors in quarterly reports for both 2021 and 2022
- Marathon Digital made a mistake in the method of calculating the depreciation of assets
- The company claims that this will not affect operating and net profit figures in any way.
On Monday, February 27, the Securities and Exchange Commission (SEC) released a statement regarding Marathon Digital. Regulator sent notification to the company with a request to amend the financial statements.
We are talking about unaudited results for Q1-Q3 2021-2022. At the same time, the company emphasized that the mistakes made did not affect operating and net profit in 2021 and any quarterly results in 2022.
The Commission was not satisfied with the method of calculating the depreciation of assets. The company also indicated that it acted as an agent in managing the mining pool, while in fact it was a principal (has legal authority).
However, the company still postponed the earnings report for Q4 2022. It is expected to be published within the next two weeks. Despite this, as well as a notice from the SEC, Marathon Digital shares rose over 8% on Monday.
At the time of writing, they are trading at $7.1. At the same time, in November 2021, when cryptocurrencies were “on the rise”, the rate of these securities was $75.92.
This “bear” was hard for the miner. But at the beginning of the year, the company paid off its loans with Silvergate, and in February it sold part of its BTC stock to “dilute” the reserves with fiat.
