Marathon Digital Holdings Receives New Subpoena From SEC
Key Points:
- Marathon Digital Holdings received a second subpoena from the SEC regarding its Montana data center investigation.
- The company has previously restated its annual report and is cooperating with the SEC.
- Marathon’s stock is closely correlated with Bitcoin and is considered a proxy for those who want exposure to the cryptocurrency without holding it directly.
Marathon Digital Holdings received another subpoena from SEC regarding Montana data center investigation. The company is cooperating with the SEC and has previously restated its annual report.
Marathon Digital Holdings, a Bitcoin mining company, has disclosed in a recent filing that it received another subpoena from the US Securities and Exchange Commission (SEC) related to an investigation of a Montana data center that may involve potential violations of securities laws.
Marathon stated that it is cooperating with the SEC. This is the second subpoena the company has received, following one during the quarter that ended Sept. 30, 2021, asking to produce documents and communications concerning the Hardin, Montana, data center facility.
In February, the Las Vegas-based company restated its annual report and said it had found accounting errors in financial statements for several quarters after receiving comments from the SEC. Despite these issues, Marathon is one of the world’s largest publicly traded crypto-mining companies with computing power, with facilities across the US.
The stock of Marathon has been closely correlated with Bitcoin as the company holds a large amount of digital assets on its balance sheet. The shares have been considered a proxy for the cryptocurrency for those who want to get exposure to the coin without holding it directly. The stock has almost tripled this year to around $10 but fell almost 90% in 2022 as crypto prices tumbled.
This latest subpoena from the SEC highlights the regulatory scrutiny faced by crypto companies, especially those involved in mining. It also emphasizes the need for companies in the industry to have robust compliance practices to avoid legal and financial issues.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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Marathon Digital Holdings Receives New Subpoena From SEC
Key Points:
- Marathon Digital Holdings received a second subpoena from the SEC regarding its Montana data center investigation.
- The company has previously restated its annual report and is cooperating with the SEC.
- Marathon’s stock is closely correlated with Bitcoin and is considered a proxy for those who want exposure to the cryptocurrency without holding it directly.
Marathon Digital Holdings received another subpoena from SEC regarding Montana data center investigation. The company is cooperating with the SEC and has previously restated its annual report.
Marathon Digital Holdings, a Bitcoin mining company, has disclosed in a recent filing that it received another subpoena from the US Securities and Exchange Commission (SEC) related to an investigation of a Montana data center that may involve potential violations of securities laws.
Marathon stated that it is cooperating with the SEC. This is the second subpoena the company has received, following one during the quarter that ended Sept. 30, 2021, asking to produce documents and communications concerning the Hardin, Montana, data center facility.
In February, the Las Vegas-based company restated its annual report and said it had found accounting errors in financial statements for several quarters after receiving comments from the SEC. Despite these issues, Marathon is one of the world’s largest publicly traded crypto-mining companies with computing power, with facilities across the US.
The stock of Marathon has been closely correlated with Bitcoin as the company holds a large amount of digital assets on its balance sheet. The shares have been considered a proxy for the cryptocurrency for those who want to get exposure to the coin without holding it directly. The stock has almost tripled this year to around $10 but fell almost 90% in 2022 as crypto prices tumbled.
This latest subpoena from the SEC highlights the regulatory scrutiny faced by crypto companies, especially those involved in mining. It also emphasizes the need for companies in the industry to have robust compliance practices to avoid legal and financial issues.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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