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Marathon Digital Bungles Crypto Impairment Sums, Will Reissue Financials

Bitcoin (BTC) miner Marathon Digitial will reissue a number of previous financial statements after the Securities and Exchange Commission (SEC) pointed out some accounting errors the firm made.

According to a Feb. 27 SEC filing, Marathon will restate its unaudited Q1, Q2, and Q3 quarterly reports from both 2021 and 2022 in addition to its audited annual report from 2021.

Marathon noted that affected financial statements, related earnings releases and other financial communications during these periods “should not be relied upon.”

The issues highlighted by the SEC were Marathon’s method for calculating impairment on digital assets, as well as Marathon’s determination that it had acted as an agent while operating a Bitcoin mining pool rather than a principal.

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