SEC issues second subpoena to Marathon Digital Holdings over Montana mining operation

Marathon Digital Holdings, a publicly traded Bitcoin mining company, has received another subpoena from the Securities and Exchange Commission (SEC) regarding potential violations of federal securities law related to agreements for a data center facility in Hardin, Montana that Marathon constructed.

The company and certain executives have been subpoenaed to produce documents and communications related to the facility in the third quarter of 2021, according to a quarterly filing by the company.

As part of the agreement, Marathon issued 6,000,000 shares of restricted Common Stock in transactions exempt from registration under Section 4(a)(2) of the Securities Act of 1933. However, the company recently received another subpoena from the SEC on April 10, 2023, related to transactions with related parties. The company is cooperating with the investigation. The facility in Montana was designed to have up to 100 megawatts of power, according to the filing.

Marathon’s stock price has been volatile in recent months due to fluctuations in the bitcoin market, but has generally been on an upward trend since early 2021 as the value of bitcoin has risen.

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