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 4/11/25, 1:29 PM Case 2:23-cv-01055-RFB-BNW Document March 16, 2023 - 10-K: 87-4 to Filed 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 https://ir.mara.com/sec-filings/all-sec-filings/content/0001493152-23-007879/form10-k.htm 1/146 4/11/25, 1:29 PM Case 2:23-cv-01055-RFB-BNW Document March 16, 2023 - 10-K: 87-4 to Filed Annual report pursuant Section 05/20/25 Page 13 and 15(d) | MARA 3 of 3 (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 https://ir.mara.com/sec-filings/all-sec-filings/content/0001493152-23-007879/form10-k.htm 12/146