Bitcoin miner Marathon was served with a subpoena by the U.S. SEC in relation to an investigation concerning the firm's Montana mining facility.
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 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.
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