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SEC Subpoena’s Marathon Digital A Second Time

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Top BTC (Bitcoin) mining firm Marathon Digital Holdings receives another subpoena from the US SEC.

The Securities and Exchange Commission sent regards to Marathon’s Montana Data Center

The United States Securities and Exchange Commission is investigating the Marathon Montana Center for likely securities violations.

Details of the Story

In a recent filing with the Securities and Exchange Commission, Marathon Digital disclosed a receipt of a subpoena.

It was issued by the SEC on 10th April to its data center in Hardin Montana.

As per the company, this subpoena is the second of its kind, linked to transactions with related parties.

The company spokesperson said “we are aware that SEC may be probing whether or not Marathon has been violating the federal securities laws. However, we are cooperating with the SEC”.

Back in September 2021, some executives and entities of the Bitcoin miner received the same subpoena from SEC.

READ ALSO: Vernom And Kenyan Government Launches A Blockchain Hub

In the Subpoena, the SEC demands documents and communications for a particular data center facility.

Montana was launched in October 2020 when Marathon Digital first signed an agreement with various parties.

No Intention to Promote Bitcoin Holdings Through the Open Market

Marathon Digital Holdings stated its intentions to increase its stash through production.

The company didn’t plan to use BTC purchases on the open marketplace.

Also, the company revealed that it “purchases and sells BTC from time-to-time differently from what is displayed above for treasury management”.

The recent filing detailed Marathon Digital’s Q1 (1st Quarter) 2023 report.

In the report, the firm’s revenue for Q1 2023 was $51,132, which is lower than the amount it generated in Q1 2022 of $51,723.

Furthermore, the quarterly report revealed that the company’s overall Bitcoin stash as of 31st March 2023 was at 11,466 BTC, which is more than $314 million.

READ ALSO: DOGE Coin Creator Says Suspense Is Unbearable for Him

This particular figure is valued at Bitcoin current price to generate a total of 2,195 BTC in Q1 2023.

The stock of Marathon Digital Holdings closely correlates with Bitcoin as the firm holds massive amounts of digital assets on its balance sheet.

Moreover, it can serve as a proxy for anyone that needs exposure to the crypto without the need to hold it directly.

Meanwhile, the company has restated its annual report previously to the authorities and cooperated with the U.S. SEC.

 

 

 

 

 

 

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