Marathon Digital Holdings Inc (MARA)

[EMI24]

Seems like they just accelerated an ongoing royalty payment into a one-time upfront cash payment. The amount should be revealed when they release earnings. Since the company needed near term cash, this was likely a smart move even thought it meant giving up some value on the back end. We don't have the luxury at this point of waiting to collect quarterly royalty checks. But hopefully someday the business will be stable enough whereby these installment payments will provide consistent money (and enable meaningful guidance) on a quarter-by-quarter basis.