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Tuesday, June 25, 2024

U.S SEC Issues Second Subpoena to Bitcoin Miner Marathon Digital

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U.S SEC

  • Marathon is one of the largest U.S. crypto miners and stores a substantial quantity of BTC.
  • The first subpoena was issued in the fiscal quarter ending in September 2021.

The newest development involves allegations of securities law breaches at the Montana Data Center. Which has led to a subpoena being issued to Bitcoin miner Marathon Digital Holdings by the U.S SEC.

Marathon Digital said on Wednesday, May 10th, in filings:

“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 or not there may have been any violations of the federal securities law. We are cooperating with the SEC”.

SEC Crackdown Continues

After receiving their first subpoena in the fiscal quarter ending in September 2021. The corporation and its management have now gotten their second.

After receiving feedback from the US securities regulator, the Bitcoin miner located in Las Vegas updated its annual report and disclosed in February this year that it had discovered accounting irregularities in financial statements for many quarters.

One of the biggest publicly listed cryptocurrency mining firms in the United States in terms of processing power is Marathon Digital (NASDAQ: MARA). Marathon’s stock price has been moving in tandem with that of Bitcoin.

Marathon is one of the largest U.S. crypto miners and also stores a substantial quantity of BTC. However, in order to cover its operating expenses, the corporation had to sell off part of its Bitcoins during the crypto winter of 2022. As a matter of fact, in January of this year, Marathon sold twice as many Bitcoins as it mined. According to CMC, the price of Bitcoin is $27,449 at the time of writing.

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