Bitcoin miner Marathon Digital Holdings reaches $24 million settlement with former CEO

Mining • October 17, 2022, 2:37PM EDT
UPDATED: October 17, 2022, 2:47PM EDT
The Block

Quick Take

  • Bitcoin mining company Marathon Digital Holdings has reached a $24 million settlement with its former CEO and chairman.

Bitcoin mining company Marathon Digital Holdings has reached a $24 million settlement with its former CEO and chairman.

According to an SEC filing, the company entered into an agreement on Oct. 12 with Merrick Okamoto, relating to restricted stock unit awards. Okamoto stepped down as the company’s CEO in the spring of 2021, and left his executive chairman role at the end of that year. Current CEO and Chairman of the Board of Directors Fred Thiel succeeded him in both roles.

As part of the settlement, Okamoto agreed to a broad release of known and unknown claims against the company regarding its incentive plan.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Marathon also reached settlements relating to other restricted stock awards for five others, including Thiel, that amounted to about $1 million.


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

TAGS
SEC

About Author

Colin oversees and contributes policy, regulatory, political, and legal coverage for The Block. Before joining The Block he covered congressional economic policy, including fintech legislation, for Bloomberg Industry Group and Politico, with additional stints at the Washington Examiner and American Banker. Colin is an alumnus of Columbia University's Graduate School of Journalism and Sewanee: The University of the South. 

More by Colin Wilhelm