Bitcoin

Bitcoin Miner Marathon Receives Second SEC Subpoena in Connection to Montana Mining Facility Investigation

Marathon Digital Holdings, a publicly-listed bitcoin mining company, has recently revealed that it was served with a subpoena by the U.S. Securities and Exchange Commission (SEC) in relation to an investigation concerning the firm’s Montana mining facility. The SEC is reportedly looking into potential violations of federal securities law.

Marathon’s Montana Mining Facility Under SEC Investigation, Company Receives Second Subpoena

Marathon Digital Holdings (Nasdaq: MARA) was served with a second subpoena on April 10, 2023, following a previous subpoena in October 2020. The company disclosed the news in its May 10 SEC filing, revealing that it has now received a total of two subpoenas.

According to the filing, the subpoena requires the company and certain executives to produce documents and communications related to the Hardin, Montana data center facility, which was previously described in a Form 8-K dated October 13, 2020. Marathon said it is fully cooperating with the investigation, and will provide the requested information to the SEC.

“The company received an additional subpoena from the SEC on April 10, 2023, relating to, among other things, transactions with related parties,” Marathon added. “We understand that the SEC may be investigating whether or not there may have been any violations of the federal securities law. We are cooperating with the SEC.”

Marathon’s subpoena comes on the heels of the company’s announcement of a partnership with Abu Dhabi-based Zero Two. The two firms are planning to build two large-scale immersion-cooled crypto-mining facilities. However, the company’s shares have taken a hit, with a 5.14% drop in the past day and a 6.78% decline over the last five days against the U.S. dollar. Despite the recent drop, Marathon’s stock has been performing well this year, with a 184.41% increase in 2023.

What impact will the SEC investigation have on Marathon Digital Holdings’ future business operations and stock performance? Share your opinions about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons, g0d4ather / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Articles You May Like

Investors await hefty new-issue calendar, final week of Q2
Muni mutual funds see inflows, led again by long-term, high-yield
Tories are ‘politically scarred’ by Liz Truss, says Jeremy Hunt
Starboard loses initial legal fight against Autodesk, but the battle may just be beginning
India’s Rahul Gandhi claims ‘tectonic shift’ after Modi election upset