Bitcoin miner Marathon receives another subpoena from SEC
- Marathon Digital said it received an additional subpoena from the SEC on April 10, relating to transactions with related parties
- The firm is one of the largest publicly traded crypto-mining companies by computing power in the world with facilities across the US
Bitcoin miner Marathon Digital Holdings said it received another subpoena from the US Securities and Exchange Commission related to an investigation of a Montana data centre that may involve potential violations of securities laws.
“The company received an additional subpoena from the SEC on April 10, 2023, relating to, among other things, transactions with related parties. We understand that the SEC may be investigating whether there may have been any violations of the federal securities law. We are cooperating with the SEC,” Marathon said in a filing Wednesday. A spokesperson declined to comment beyond the filing.
The filing follows another subpoena sent to the company as well as its executives during the quarter ended September 30, 2021, asking to produce documents and communications concerning the Hardin, Montana data centre facility.
The Las Vegas-based company restated its annual report and said in February it had found accounting errors in financial statements for several quarters after the firm received comments from the SEC.
The firm is one of the largest publicly traded crypto-mining companies by computing power in the world with facilities across the US.
Marathon’s stock has been closely correlated bitcoin since the company holds a large amount of the digital asset on its balance sheet. The shares have been considered a proxy for the cryptocurrency for those who want to get the exposure to the coin without holding it directly.
The stock has almost tripled this year to around US$10. It fell almost 90 per cent in 2022 as crypto prices tumbled.