Marathon Digital, the miner, said it had received a subpoena from the U.S. Securities and Exchange Commission (SEC) in connection with an investigation at one of the company’s facilities.
According to the document, the regulator is examining whether the firm violated any provisions of the federal securities laws.
The SEC explained that Marathon entered into ‘a number of agreements with several parties to design and build a data center capable of up to 100 MW in Hardin, Montana.’ As part of the deal, the company issued 6 million restricted common shares in transactions that were exempt from registration.
In November 2021, the miner had already received a subpoena from the SEC. At that time, the Commission asked the organization to provide documents related to the same facility.
During the review of Marathon’s annual report, several accounting errors were found, and the regulator was notified immediately. Company representatives added that they ‘intend to cooperate’ with the SEC on this matter.
On May 10, Marathon Digital’s (MARA) shares closed at $10.22, up nearly 9% for the day, according to Investing.com.
As reported in the first quarter of 2023 Marathon Digital mined 2195 BTC. This was 41% higher than in the previous reporting period. For all of 2022 the figure stood at 4144 BTC.
In May, the company announced plans to build two mining centers in Abu Dhabi in partnership with the firm Zero Two.