Bitcoin Miner Riot Delayed 10-K Filing Due to Impairment Calculation Issues

The delay followed a similar move earlier this week by Marathon Digital.

AccessTimeIconMar 2, 2023 at 9:29 p.m. UTC
Updated May 9, 2023 at 4:09 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

CORRECTION (March 3, 12:13 UTC): Corrects story to state that Riot has already filed its 10-K report after asking for an extension.

Bitcoin miner Riot Platforms (RIOT) delayed the filing of its annual 10-K report with the Securities and Exchange Commission due to issues raised by its accounting firm about the company's impairment calculations related to its bitcoin assets.

  • What South Korea's Latest Election Means for Crypto Adoption in the Country
    00:38
    What South Korea's Latest Election Means for Crypto Adoption in the Country
  • Hong Kong Approving an Ether ETF Could Be a 'Surprise,' Analyst Says
    00:52
    Hong Kong Approving an Ether ETF Could Be a 'Surprise,' Analyst Says
  • What South Korea's Elections Mean for Crypto; The Potential for Spot BTC and ETH ETFs in Hong Kong
    19:02
    What South Korea's Elections Mean for Crypto; The Potential for Spot BTC and ETH ETFs in Hong Kong
  • Would You Get Paid in Crypto?
    00:57
    Would You Get Paid in Crypto?
  • “After assessing the impact of this revised impairment assessment methodology, the Registrant determined that material errors in certain of its financial statements and reports resulted,” Riot wrote in its SEC filing on Thursday.

    Specifically, Riot said its previously issued financial statements for 2022, 2021 and 2020 “contained material errors and should not be relied upon.”

    For those reasons, Riot said it needed additional time to complete its 10-K and it has since done so and filed its report for 2022.

    Shares of Riot were down 2.4% in after-hours trading on Thursday.

    Earlier this week, fellow miner Marathon Digital (MARA) said it would need to restate portions of its audited 2021 results and unaudited quarter reports from 2022 following an inquiry from the SEC that questioned its method of calculating impairment on digital assets.

    Marathon had previously been scheduled to release its 2022 Q4 results after the close of trading on Tuesday, but now has postponed that.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Nelson Wang

    Nelson Wang was CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.