Exaion transaction expected close Q4 2025
Company: Marathon Digital
What the later record shows
The date slipped
In November 2025 the Exaion deal was still awaiting regulatory approvals. The FY2025 10-K (March 2026) still lists it as a commitment subject to approvals, which suggests it did not close by year-end 2025. An XBRL tag notes an unspecified Exaion subsequent event dated 2026-02-20, but no passage confirms a closing.
“Once regulatory approvals are complete and closing conditions have been met, we expect that Exaion will provide MARA with foundational expertise”
2025-11-03 · marathon-digital 8-K exhibit (q325shareholderletter.htm) View cached copy (2026-09-27)Live source ↗
“We entered into an investment agreement on August 11, 2025, to acquire a majority ownership interest in Exaion, a subsidiary of EDF Pulse Ventures, for approximately $174.5 million, subject to regulatory and antitrust approvals”
2026-03-02 · View 10-K PDF View cached copy (2026-09-01)Live source ↗Archive.org ↗
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
The Exaion transaction is expected to close in or around Q4 2025, subject to conditions precedent and regulatory approvals.
Source (primary)
marathon-digital 8-K exhibit (ex99-1.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-10-07)Live source ↗
Quote: “The transaction is expected to close in or around Q4 2025, subject to satisfying conditions precedent and obtaining the relevant regulatory approvals.”
How we checked this
Checked on October 13, 2026. The cited source supports every part of this claim.
MARA's August 11, 2025 press release states the Exaion transaction is expected to close in or around Q4 2025, subject to conditions precedent and regulatory approvals.
Confirmed in the source:
- The Exaion transaction is expected to close in or around Q4 2025
- Closing is subject to satisfying conditions precedent
- Closing is subject to obtaining the relevant regulatory approvals
What we did: Read our cached copy of SEC EDGAR (8-K Ex) (https://www.sec.gov/Archives/edgar/data/1507605/000164117225023015/ex99-1.htm) in full (8,415 characters, retrieved October 7, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms marathon-digital 8-K exhibit (ex99-1.htm)
Quote: “The transaction is expected to close in or around Q4 2025, subject to satisfying conditions precedent and obtaining the relevant regulatory approvals.”
delays View 10-K PDF
Quote: “We entered into an investment agreement on August 11, 2025, to acquire a majority ownership interest in Exaion, a subsidiary of EDF Pulse Ventures, for approximately $174.5 million, subject to regulatory and antitrust approvals”
delays marathon-digital 8-K exhibit (q325shareholderletter.htm)
Quote: “Once regulatory approvals are complete and closing conditions have been met, we expect that Exaion will provide MARA with foundational expertise”