Marathon Digital Holdings, a public bitcoin miner, has filed a complaint with the Securities and Exchange Commission (SEC) regarding whether contracts related to data center facilities built by Marathon in Hardin, Montana may violate federal securities laws. received a new summons from
“The Company and certain executives have received a subpoena to submit documents and communications related to the facility for the third quarter of 2021.” Quarterly filing said the company.
Under that agreement, Marathon issued 6 million shares of restricted common stock “in a transaction exempt from registration under Section 4(a)(2) of the Securities Act of 1933.” However, the company’s filings reveal that it recently received another subpoena from the SEC on April 10, 2023, “particularly related to related-party transactions.”
The company said it is cooperating with the investigation. The Montana facility was designed to deliver up to 100 megawatts of power, according to filings.
Marathon’s stock has been volatile in recent months, reflecting the ups and downs of the bitcoin market, but has generally been on an upward trend since early 2021 as the value of bitcoin has risen.