One of the largest publicly traded Bitcoin miners chooses TaxBit for cutting-edge crypto accounting support.
NEW YORK, April 26, 2024 /PRNewswire/ — TaxBit, an industry-leading provider of crypto accounting and tax compliance solutions, has been selected by Marathon Digital Holdings, one of the world’s largest publicly traded Bitcoin miners and a leader in supporting and securing the Bitcoin ecosystem, to advance the company’s crypto accounting capabilities. This strategic collaboration underscores Marathon’s dedication to enhancing its back-office accounting and reporting capabilities, ensuring a seamless approach to managing its expansive crypto operations.
Marathon selected TaxBit’s comprehensive Accounting Solution to optimize various financial processes, such as revenue recognition, inventory tracking and reconciliation, and period-end close process optimization. TaxBit’s Accounting Solution also features live connectivity with Netsuite, providing Marathon with automated accounting and journal entry capabilities to further streamline its financial operations.
“TaxBit’s accounting solution has enabled us to automate much of our accounting and reporting for our digital asset activity, benefitting our accounting operations,” said John Lee, Marathon’s Chief Accounting Officer. “This includes support for our early adoption of the new accounting guidance. The onboarding process was smooth, and we look forward to working together.”
Key benefits of TaxBit’s collaboration with Marathon include:
- Automated Lot Level Inventory Tracking: TaxBit’s FIFO (First-In-First-Out) by source methodology replaces a previously manual calculation process, ensuring accuracy and efficiency as Marathon’s business continues to scale.
- API Integration with Netsuite: The integration allows for customized and automated chart of account mappings, transaction-level journal entry creation, and streamlined period-end operations.
- Highly Customizable Solutions: TaxBit’s platform is designed to adapt to Marathon’s unique needs, offering extensive customization options for gain/loss and disposition tracking.
- Smooth Transition Process: TaxBit’s implementation process involves a high-touch approach, ensuring a collaborative effort with Marathon’s team. This ensures a seamless transition to the new system with minimal disruption.
“At TaxBit, we believe in empowering enterprises like Marathon with powerful solutions that not only meet their unique needs but also pave the way for seamless scalability. Our collaboration signifies a strategic step towards operationalizing and streamlining Marathon’s crypto accounting, and we are excited to be the trusted solution for the Marathon team.” – Aaron Jacob, VP of Accounting Solutions, TaxBit
For more information on TaxBit’s Accounting Suite, please visit taxbit.com/enterprise-accounting/.
About TaxBit
Designed by CPAs and tax attorneys, TaxBit is the digital economy’s leading tax and accounting compliance solution. Our end-to-end platform, tailored for enterprises, financial institutions, and government bodies, streamlines compliance while ensuring accuracy. TaxBit is SOC 1 Type 1, SOC 2 Type 2 attestation, and ISO 27001 certified. TaxBit has secured over $235 million from leading global investors, including Ribbit, IVP, Paradigm, Haun Ventures, and PayPal Ventures. TaxBit is headquartered in Draper, Utah, with offices in Salt Lake City, San Francisco, Seattle, New York and Washington, D.C. For more information, please visit www.taxbit.com.
About Marathon Digital Holdings
Marathon is a digital asset technology company that focuses on supporting and securing the Bitcoin ecosystem. The Company is currently in the process of becoming one of the largest and most sustainably powered Bitcoin mining operations in North America.
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SOURCE TaxBit
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