<SEC-DOCUMENT>0001493152-24-017861.txt : 20240506
<SEC-HEADER>0001493152-24-017861.hdr.sgml : 20240506
<ACCEPTANCE-DATETIME>20240506090516
ACCESSION NUMBER:		0001493152-24-017861
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20240501
FILED AS OF DATE:		20240506
DATE AS OF CHANGE:		20240506

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Khan Salman Hassan
		CENTRAL INDEX KEY:			0001907413
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36555
		FILM NUMBER:		24916052

	MAIL ADDRESS:	
		STREET 1:		25651 BIRCHLEAF CT
		CITY:			VALENCIA
		STATE:			CA
		ZIP:			91381

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARATHON DIGITAL HOLDINGS, INC.
		CENTRAL INDEX KEY:			0001507605
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				010949984
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1180 N. TOWN CENTER DRIVE
		STREET 2:		SUITE 100
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89144
		BUSINESS PHONE:		(800) 804-1690

	MAIL ADDRESS:	
		STREET 1:		1180 N. TOWN CENTER DRIVE
		STREET 2:		SUITE 100
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89144

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Marathon Patent Group, Inc.
		DATE OF NAME CHANGE:	20130222

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	American Strategic Minerals Corp
		DATE OF NAME CHANGE:	20111213

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VERVE VENTURES INC
		DATE OF NAME CHANGE:	20101210
</SEC-HEADER>
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<TYPE>4
<SEQUENCE>1
<FILENAME>ownership.xml
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    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2024-05-01</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001507605</issuerCik>
        <issuerName>MARATHON DIGITAL HOLDINGS, INC.</issuerName>
        <issuerTradingSymbol>MARA</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001907413</rptOwnerCik>
            <rptOwnerName>Khan Salman Hassan</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O MARATHON DIGITAL HOLDINGS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>101 NE THIRD AVENUE, SUITE 1200</rptOwnerStreet2>
            <rptOwnerCity>FORT LAUDERDALE</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>33301</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Financial Officer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <transactionDate>
                <value>2024-05-01</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>1083293</value>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1924660</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
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    <footnotes>
        <footnote id="F1">Reflects a grant of long-term incentive performance-based restricted stock units (the &quot;LTIP Performance RSUs&quot;) made to the Reporting Person under the Issuer's 2018 Equity Incentive Plan on May 1, 2024 (the &quot;Grant Date&quot;). Each LTIP Performance RSU represents a contingent right to receive one share of the Issuer's common stock, par value $0.0001 per share.</footnote>
        <footnote id="F2">As further described in Exhibit 99 hereto, the number of LTIP Performance RSUs reported represents the maximum achievable award for 2024 (200% of the target award). The final number of shares of LTIP Performance RSUs will be determined based on the Issuer's achievement of a pre-determined performance metric relating to total stockholder return, subject to the Reporting Person's continued service to the Issuer through each vesting date.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Zabi Nowaid, Attorney-in-Fact for Salman Hassan Khan</signatureName>
        <signatureDate>2024-05-06</signatureDate>
    </ownerSignature>
</ownershipDocument>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex99.htm
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<P STYLE="padding-left: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding-left: 0pt"><B>Exhibit 99</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding-left: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
LTIP Performance RSUs vest based upon the Issuer&rsquo;s achievement of a pre-determined performance metric relating to total stockholder return
(&ldquo;TSR&rdquo;). The number of LTIP Performance RSUs reported herein reflects the number of LTIP Performance RSUs that will be earned
by the Reporting Person upon the Company&rsquo;s achievement of 200% of the target amount of the TSR metric, and is equal to $22,500,000 divided
by the average closing price over the prior 100 consecutive trading days as determined on the Grant Date. However, the actual number
of LTIP Performance RSUs that will vest is based upon achievement of the TSR target metric and may range from achievement of 0% to 200%
of the target, such that the number of LTIP Performance RSUs reported herein reflects the maximum number of shares that may be earned
by the Reporting Person. Following the determination of the number of LTIP Performance RSUs earned, 25% of the grant will vest on January
31, 2025, and the remaining portion of the grant will vest in 12 quarterly installments of 6.25% thereafter, subject to the Reporting
Person&rsquo;s continued service to the Issuer through each vesting date.</FONT></P>

<P STYLE="padding-left: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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