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SEC Issues New Subpoenas for Bitcoin Miner Marathon

United States-based Bitcoin mining business Marathon Digital made an announcement Wednesday that it has issued a new subpoena by the Securities and Exchange Commission (SEC) in relation to an ongoing investigation into a facility located in Montana. The investigation is being carried out by the SEC.

The Securities and Exchange Commission (SEC) “may be investigating whether or not there may have been a violation of federal securities laws,” according to a filing filed by the SEC on May 10. The document states that the SEC “is likely to investigate whether or not there were violations of federal securities laws.” Marathon has made it clear that they are working closely with the agency in question. Bloomberg was the first news outlet to report the information.

The SEC served Marathon with their first subpoena in November 2021, seeking their participation in the investigation. “On October 6, 2020, the Company entered into a series of agreements with several companies to design and build a data center in Hardin, Montana, with a capacity of up to one hundred megawatts. This agreement was completed on October 6, 2020.

According to the latest filing from the company, “Company submitted a Current Report on Form 8-K on October 13, 2020.” “8-K discloses that under the Data Facilitation Services Agreement, the Company issued 6,000,000 shares of Restricted Common Stock, in a transaction exempt from registration under Section 4(a)(2) of the Securities Act, 1933, as amended.” (Translation:) “8-K discloses that under a Data Facilitation Services Agreement, the Company issued 6,000,000 shares of restricted Common Stock.” (Translation:) “8-K discloses that the Company issued 6,000,000 restricted common shares pursuant to a Data Facilitation Services Agreement,”

Documents submitted today show that the last subpoena was obtained on April 10. By the end of the trading day, Marathon’s share price was set at $10.22, representing an increase of over 9%. After-hours trading has resulted in a 0.78% drop in the share price.

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