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

Marathon Digital Holdings, a publicly-listed bitcoin mining firm, has not too long ago revealed that it was served with a subpoena by the U.S. Securities and Exchange Commission (SEC) in relation to an investigation regarding the agency’s Montana mining facility. The SEC is reportedly trying into potential violations of federal securities regulation.

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 earlier subpoena in October 2020. The firm disclosed the information in its May 10 SEC filing, revealing that it has now obtained a complete of two subpoenas.

According to the submitting, the subpoena requires the corporate and sure executives to supply paperwork and communications associated to the Hardin, Montana information heart facility, which was beforehand described in a Form 8-Ok dated October 13, 2020. Marathon stated it’s absolutely cooperating with the investigation, and can present the requested info 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 corporate’s announcement of a partnership with Abu Dhabi-based Zero Two. The two companies are planning to construct two large-scale immersion-cooled crypto-mining services. However, the corporate’s shares have taken a success, with a 5.14% drop prior to now day and a 6.78% decline during the last 5 days in opposition to the U.S. greenback. Despite the latest drop, Marathon’s inventory has been performing nicely this 12 months, with a 184.41% improve in 2023.

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