Mawson holder group reports 30% ownership stake

Mawson Infrastructure Group Inc. shareholders led by Endeavor Blockchain, LLC have updated their Schedule 13D to reflect a significant stake in the company’s common stock.

Rhea-AI Filing Summary

Mawson Infrastructure Group Inc. shareholders led by Endeavor Blockchain, LLC have updated their Schedule 13D to reflect a significant stake in the company’s common stock. Endeavor Blockchain reports beneficial ownership of 990,000 shares, representing 30.0% of the outstanding shares, based on 3,304,639 shares outstanding as of December 16, 2025. Other reporting persons include Joshua Kilgore with 8,000 shares (0.2%), Cody Smith with 42,982 shares (1.3%), and PM Squared, LLC with 2,297 shares (0.1%).

The group states it bought Mawson shares because it believed they were undervalued and an attractive investment. Recent activity includes purchases of 45,000 shares at an average price of $4.33 on December 26, 2025 and 20,000 shares at an average price of $4.55 on December 29, 2025. The reporting persons indicate they intend to engage with Mawson’s management and Board of Directors regarding opportunities for value creation and have entered into a Joint Filing Agreement to report their holdings collectively.

Insights

Equity ownership & governance analyst

A shareholder group now reports a 30% Mawson stake and plans active engagement.

The filing shows a group of investors, led by Endeavor Blockchain, LLC, reporting beneficial ownership of 990,000 Mawson shares, or 30.0% of the company’s common stock. Additional holdings are reported by Joshua Kilgore, Cody Smith, and PM Squared, LLC, each listed separately with their own share counts and percentages. These figures are based on 3,304,639 shares outstanding as of December 16, 2025.

The group notes it acquired the shares because it viewed them as undervalued and describes itself as engaged in investment activities. It also states an intention to engage with Mawson’s management and Board about “opportunities for value creation,” language that often signals an active governance stance. A January 6, 2026 Joint Filing Agreement formalizes coordinated reporting of their position.

Recent disclosed trades include purchases on December 26, 2025 at an average price of $4.33 and on December 29, 2025 at $4.55 per share. The actual impact of this holding will depend on future interactions between the shareholder group and the company, as well as any subsequent changes in their ownership reported in later filings.

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Accepted by SEC EDGAR 01/06/2026 - 03:27 PM EST Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

Mawson Infrastructure Group Inc.

(Name of Issuer)

Common Stock, $0.001 par value

(Title of Class of Securities)

57778N307

(CUSIP Number)

Joshua Kilgore
5701 Euper Lane, Ste A,
Fort Smith, AR, 72903
479-420-8957

Cam C. Hoang
Dorsey & Whitney LLP, 50 S. Sixth Street, Suite 1500
Minneapolis, MN, 55402
(612) 492-6109

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

12/26/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 57778N307

1

Name of reporting person

Endeavor Blockchain, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ARKANSAS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 990,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 990,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

990,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

30.0 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Endeavor Blockchain, LLC is 100% owned Joshua Kilgore, the managing member.

SCHEDULE 13D

CUSIP No. 57778N307

1

Name of reporting person

Joshua Kilgore

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 8,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 8,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

8,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.2 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 57778N307

1

Name of reporting person

Cody Smith

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 42,982.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 42,982.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

42,982.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.3 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 57778N307

1

Name of reporting person

PM Squared, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 2,297.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 2,297.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

2,297.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person:

PM Squared, LLC is 100% owned by Phil Stanley, the managing member.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.001 par value
(b)	Name of Issuer: Mawson Infrastructure Group Inc.
(c)	Address of Issuer's Principal Executive Offices: 950 RAILROAD AVE, MIDLAND, PENNSYLVANIA , 15059.
Item 2.	Identity and Background
(a)	i) Endeavor Blockchain, LLC ii) Joshua Kilgore iii) Cody Smith iv) PM Squared, LLC (Together, the "Reporting Persons") Each of the Reporting Persons is a party to that certain Joint Filing Agreement, as further described in Item 6. Accordingly, the Reporting Persons are hereby filing a joint Amendment No 1 to Schedule 13D.
(b)	i) and ii) Endeavour Blockchain, LLC and Joshua Kilgore: 5701 Euper Lane, Suite A, Fort Smith, Arkansas 72903 iii) PM Squared, LLC: 6050 Southwest Blvd, Suite 150 Fort Worth, TX 76109 iv) Cody Smith: 3801 Bent Elm Ln. Fort Worth, TX
(c)	Each of the Reporting Persons are engaged in the business of investment. See Item 2(a).
(d)	The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction, and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	i) Arkansas ii) United States iii) United States iv) Texas
Item 3.	Source and Amount of Funds or Other Consideration
	i) WC ii) PF iii) PF iv) WC
Item 4.	Purpose of Transaction
	The Reporting Persons purchased the common shares (the "Shares") of Mawson Infrastructure Group, Inc. (the "Issuer") based on the Reporting Persons' belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable. The Reporting Persons intend to engage with the Issuer's management and Board of Directors regarding opportunities for value creation. No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D.
Item 5.	Interest in Securities of the Issuer
(a)	The percentages used in this Amendment No. 1 to Schedule 13D are based upon 3,304,639 Shares outstanding, as of December 16, 2025, as reported in the Issuer's Quarterly Report filed on November 14, 2025 and the Issuer's Current Report filed on December 17, 2025. All Shares are reported post 1 to 20 reverse stock split effective in November 2025. See rows (11) and (13) of the cover pages to this Amendment No. 1 to Schedule 13D for the aggregate number of Shares and percentage of the Shares beneficially owned by each of the Reporting Persons as of the close of business on December 26, 2025. The filing of this Amendment No. 1 to Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.
(b)	See rows (7) through (10) of the cover pages to this Amendment No. 1 to Schedule 13D for the number of Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and the sole or shared power to dispose or to direct the disposition.
(c)	i) Purchase of 45,000 shares of the Issuer's common stock on December 26, 2025, at an average weighted purchase price of $4.33 per share, for a total purchase price of $195,052.43. Purchase of 20,000 shares of the Issuer's common stock on December 29, 2025, at an average weighted price of $4.55 per share, for a total purchase price of $90,950.06. Purchase of 10,000 shares at a price of $4.60 per share for a total purchase price of $271.40. ii) None iii) Purchase of 10,000 shares of the Issuer's common stock on December 26, 2025, at a price of $xxxx per share, for a total purchase price of $xxxx iv) None
(d)	Not applicable
(e)	Not applicable
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	On January 6, 2026, the Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law. The Joint Filing Agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99.1 Joint Filing Agreement by and among the Reporting Persons, dated January 6, 2026

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Endeavor Blockchain, LLC

Signature:	Joshua Kilgore
Name/Title:	Managing Member
Date:	01/06/2026

Joshua Kilgore

Signature:	Joshua Kilgore
Name/Title:	Individual
Date:	01/06/2026

Cody Smith

Signature:	Cody Smith
Name/Title:	Individual
Date:	01/06/2026

PM Squared, LLC

Signature:	Phil Stanley
Name/Title:	Managing Member
Date:	01/06/2025