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

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

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

Marathon Digital Holdings (Nasdaq: MARA) was served with a 2nd subpoena connected April 10, 2023, pursuing a erstwhile subpoena successful October 2020. The institution disclosed the quality successful its May 10 SEC filing, revealing that it has present received a full of 2 subpoenas.

According to the filing, the subpoena requires the institution and definite executives to nutrient documents and communications related to the Hardin, Montana information halfway facility, which was antecedently described successful a Form 8-K dated October 13, 2020. Marathon said it is afloat cooperating with the investigation, and volition supply the requested accusation to the SEC.

“The institution received an further subpoena from the SEC connected April 10, 2023, relating to, among different things, transactions with related parties,” Marathon added. “We recognize that the SEC whitethorn beryllium investigating whether oregon not determination whitethorn person been immoderate violations of the national securities law. We are cooperating with the SEC.”

Marathon’s subpoena comes connected the heels of the company’s announcement of a concern with Abu Dhabi-based Zero Two. The 2 firms are readying to physique 2 large-scale immersion-cooled crypto-mining facilities. However, the company’s shares person taken a hit, with a 5.14% driblet successful the past time and a 6.78% diminution implicit the past 5 days against the U.S. dollar. Despite the caller drop, Marathon’s banal has been performing good this year, with a 184.41% summation successful 2023.

What interaction volition the SEC probe person connected Marathon Digital Holdings’ aboriginal concern operations and banal performance? Share your opinions astir this taxable successful the comments conception below.

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