In re Marathon Digital Holdings, Inc. Derivative Litigation — Entry #87: DECLARATION of Kimberly P
Case: In re Marathon Digital Holdings, Inc. Derivative Litigation nvd · 2:23-cv-01055
filed July 08, 2023
What this document is
Docket entry #87 · filed May 20, 2025
DECLARATION of Kimberly P. Stein re 86 Motion to Dismiss, by Defendants Doug Mellinger, Frederick G. Thiel, Hugh J. Gallagher, Merrick Okamoto, Simeon Salzman, Georges Antoun, Kevin Denuccio, Sarita James, Jay Leupp, Said Ouissal, Nominal Defendant Marathon Digital Holdings, INC.. (Attachments: # 1 Exhibit Ex. A - Motion to Dismiss Second Amended Complaint, # 2 Exhibit Ex. B - Motion to Dismiss Second Amended Complaint, # 3 Exhibit Ex. C - Motion to Dismiss Second Amended Complaint, # 4 Exhibit Ex. D - Motion to Dismiss Second Amended Complaint, # 5 Exhibit Ex. E - Motion to Dismiss Second Amended Complaint, # 6 Exhibit Ex. F - Motion to Dismiss Second Amended Complaint)(Stein, Kimberly) (Entered: 05/20/2025)
Who is involved
- Marathon Digital Holdings, INC. (Nominal Defendant) [tracked: Marathon Digital]
- Dennis Jaffee (Plaintiff)
- Doug Mellinger (Defendant)
- Frederick G. Thiel (Defendant)
- Gary Konigsberg (Plaintiff)
- Georges Antoun (Defendant)
- Hugh J. Gallagher (Defendant)
- Jay Leupp (Defendant)
- Kevin Denuccio (Defendant)
- Merrick Okamoto (Defendant)
- Said Ouissal (Defendant)
- Sarita James (Defendant)
- Simeon Salzman (Defendant)
- Steve Hood (Plaintiff)
Why we have it
We follow this case because a company we track is a party: Marathon Digital (listed as “Marathon Digital Holdings, INC.”). We checked the full party list on September 10, 2026 and confirmed the match.
We bought this filing from PACER (the federal courts’ paid records system) for $0.30 on October 01, 2026; the purchase also placed it in the free RECAP archive for everyone.
Document text
3 page(s), 7,769 characters, converted from the PDF's text layer · plain text.
Full text
Case 2:23-cv-01055-RFB-BNW Document 87-4 Filed 05/20/25 Page 1 of 3
EXHIBIT D
March 16, 2023 Marathon FY2022 Form 10-K,
excerpted (cover and page 11)
Exhibit D 001
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Annual report pursuant Section 05/20/25 Page
13 and 15(d) | MARA 2 of 3
(MARA)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES AND EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2022
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES AND EXCHANGE ACT OF 1934
For the transition period from _______to______
MARATHON DIGITAL HOLDINGS, INC.
(Exact Name of Registrant as Specified in Charter)
Nevada 001-36555 01-0949984
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
101 NE Third Avenue, Suite 1200, Fort Lauderdale, FL 33301
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: 702-945-2773
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock MARA The Nasdaq Capital Market
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act Yes ☒ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the
effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by
the registered public accounting firm that prepared or issued its audit report. Yes ☒ No ☐
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit such files). Yes ☒ No ☐
Exhibit D 002
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(MARA)
V. COMPETITION
In digital asset mining, companies and individuals use computing power to solve cryptographic algorithms to record and publish
transactions to blockchain ledgers or provide transaction verification services to the Bitcoin network in exchange for digital asset
rewards. The current reward for verifying a block on the Bitcoin blockchain is 6.25 bitcoin. Miners can range from individual
enthusiasts to professional mining operations with dedicated data centers. Miners may organize themselves in mining pools. The
Company competes or may in the future compete with other companies that focus all or a portion of their activities on owning or
operating digital asset exchanges, developing programming for the blockchain, and mining activities. At present, the information
concerning the activities of these enterprises is not readily available as the vast majority of the participants in this sector do not
publish information publicly or the information may be unreliable.
Several public companies (traded in the U.S. and Internationally), such as the following, may be considered to compete with us:
● Riot Platforms, Inc.
● Cipher Mining Inc.
● Hut 8 Mining Corp.
● Hive Blockchain Technologies Ltd.
● Bitfarms, Ltd.
● Cleanspark, Inc.
● Iris Energy Limited
● Bit Digital, Inc.
● Argo Blockchain plc
● TeraWulf Inc.
● Greenidge Generation Holdings Inc.
● Core Scientific, Inc.
● Stronghold Digital Mining, Inc.
While there is limited available information regarding our non-public competitors, we believe that our recent acquisition and
ongoing deployment of miners positions us well among the publicly traded companies involved in the digital asset mining industry.
The digital asset mining industry is a highly competitive and evolving industry and new competitors and/or emerging technologies
could enter the market and affect our competitiveness in the future.
VI. INTELLECTUAL PROPERTY
We actively use specific hardware and software for our digital asset mining operations. In certain cases, source code and other
software assets may be subject to an open source license, as much technology development underway in this sector is open source.
For these works, we intend to adhere to the terms of any license agreements that may be in place.
11
Exhibit D 003
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