Abu Dhabi mining JV formation with capital commitment
Company: Marathon Digital - Project: Abu Dhabi
What the later record shows
Outcome not yet confirmed
The ADGM Entity was formed and operates two sites totalling 250 MW with a 20% Marathon stake. However, no passage confirms the ~$81.2 million capital contribution during 2023, which is the core commitment here.
“In 2023, the Company launched a joint venture in Abu Dhabi, United Arab Emirates, that operates two sites with a total capacity of 250 megawatts, of which the Company owns 20%.”
2024-02-27 · Marathon Digital 10-K filed 2024-02-28 View cached copy (2026-08-31)Live source ↗
Checked October 10, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
Company will form ADGM entity with FS Innovation LLC to operate two 250 MW digital asset mining sites in Abu Dhabi with 20% ownership; Marathon will contribute approximately $81.2 million (20% of $406 million aggregate) in capital and in-kind contributions during 2023 development period
Source (primary)
Marathon Digital 10-K filed 2023-03-16 (SEC EDGAR, sec_filing)
View cached copy (2026-09-13)Live source ↗
Quote: “capital contributions will be made, subject to the satisfaction or waiver of certain conditions, during the 2023 development period in those proportions, consisting of both cash and in kind, in amounts of approximately $406,000 thousand in aggregate”
How we checked this
Checked on October 11, 2026. The cited source supports part of this claim, but not all of it.
The filing supports the JV, the 20% stake, and the roughly $406 million aggregate contribution split pro rata. However, it describes two sites comprising 250 MW in total, not two 250 MW sites, and it makes the contributions conditional.
Confirmed in the source:
- Marathon and FS Innovation, LLC entered into an agreement to form an Abu Dhabi Global Markets entity to operate digital asset mining facilities
- The initial project consists of two mining sites in Abu Dhabi
- Marathon's initial equity ownership is 20% and FSI's is 80%
- Capital contributions are to be made in those proportions, in cash and in kind, during the 2023 development period, totaling approximately $406 million in aggregate, which implies about $81.2 million from Marathon
We could not confirm this from the cited source:
- That each of the two Abu Dhabi sites is 250 MW (the filing says the two sites together comprise 250 MW)
- That Marathon will contribute unconditionally (the filing says contributions are subject to the satisfaction or waiver of certain conditions)
That does not mean it is false — only that this source does not establish it, as of the date above. If we find a source that settles it, we will re-check and update this page.
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1507605/000149315223007879/form10-k.htm) in full (445,884 characters, retrieved September 13, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Marathon Digital 10-K filed 2023-03-16
Quote: “capital contributions will be made, subject to the satisfaction or waiver of certain conditions, during the 2023 development period in those proportions, consisting of both cash and in kind, in amounts of approximately $406,000 thousand in aggregate”