FS Innovation Abu Dhabi digital asset mining joint venture
Company: Marathon Digital - Project: Abu Dhabi
What the later record shows
Delivered on time · happened September 30, 2023
The agreement was signed January 27, 2023. Marathon holds 20%, and the JV launched in 2023 operating two Abu Dhabi sites totalling 250 MW, with mining starting September 2023. The actual size of the ~$406 million aggregate contributions is not confirmed by any passage.
“In 2023, we launched a joint venture in Abu Dhabi, United Arab Emirates, which operates two sites with a total capacity of 250 megawatts, of which we own 20%.”
2024-02-27 · Marathon Digital 10-K filed 2024-02-28 View cached copy (2026-08-31)Live source ↗
“The ADGM Entity started mining operations during September 2023.”
2024-05-08 · Marathon Digital 10-Q filed 2024-05-09 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
Shareholders' Agreement with FS Innovation to form Abu Dhabi Global Markets company for digital asset mining with initial 250 megawatt project comprising two mining sites in Abu Dhabi. Marathon to own 20% equity stake. Estimated aggregate capital contributions of approximately $406 million to be made 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: “the Company and FS Innovation, LLC ("FSI") entered into a Shareholders' Agreement... whose purpose shall be to jointly establish and operate one or more mining facilities for digital assets. The initial project by the ADGM Entity shall consist of two digital asset mining sites comprising 250 MW in Abu Dhabi, and the initial equity ownership in the ADGM Entity shall be 80% FSI and 20% the Company, and 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 every part of this claim.
The 10-K describes the FSI Shareholders' Agreement, the two-site 250 MW Abu Dhabi project, the 80/20 ownership split and the roughly $406 million in aggregate capital contributions during the 2023 development period.
Confirmed in the source:
- Marathon and FS Innovation, LLC entered into a Shareholders' Agreement on January 27, 2023
- The agreement concerns formation of an Abu Dhabi Global Markets company to establish and operate digital asset mining facilities and mine digital assets
- The initial project consists of two digital asset mining sites comprising 250 MW in Abu Dhabi
- Marathon's initial equity ownership is 20%, with FSI holding 80%
- Capital contributions of approximately $406 million in aggregate are to be made during the 2023 development period, subject to certain conditions
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: “the Company and FS Innovation, LLC ("FSI") entered into a Shareholders' Agreement... whose purpose shall be to jointly establish and operate one or more mining facilities for digital assets. The initial project by the ADGM Entity shall consist of two digital asset mining sites comprising 250 MW in Abu Dhabi, and the initial equity ownership in the ADGM Entity shall be 80% FSI and 20% the Company, and 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.”
confirms Marathon Digital 10-K filed 2024-02-28
Quote: “In 2023, we launched a joint venture in Abu Dhabi, United Arab Emirates, which operates two sites with a total capacity of 250 megawatts, of which we own 20%.”
confirms Marathon Digital 10-Q filed 2024-05-09
Quote: “The ADGM Entity started mining operations during September 2023.”