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Marathon Digital Holdings, a publicly traded bitcoin mining company, has recently disclosed that it was served with a subpoena from the US Securities and Exchange Commission (SEC) in relation to an investigation regarding the firm’s Montana mining facility. The SEC is reportedly looking into potential violations of federal securities law.
Marathon Digital Holdings (Nasdaq: MARA) was served with a second subpoena on April 10, 2023, following an earlier one 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 data center facility in Hardin, Montana, which was previously described in a Form 8-K dated Oct. 13, 2020. Marathon said it is cooperating fully 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, related to, among other things, related party transactions,” Marathon added. “We understand that the SEC may be investigating whether there may have been any violations of the federal securities laws. 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 plan to build two large-scale immersion-cooled crypto mining facilities. However, the company’s stock has taken a hit, falling 5.14% in the last 24 hours and down 6.78% in the last five days against the US dollar. Despite the recent drop, Marathon’s stock has performed well this year, rising 184.41% in 2023.
What impact will the SEC investigation have on Marathon Digital Holdings’ future business operations and stock performance? Share your thoughts on this topic in the comments section below.
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