Digital mining company Marathon wins tender with SEC subpoena

Digital mining company Marathon has been subpoenaed by the SEC and soon we could see MARA shares trading lower, so read more on today’s crypto news. .

Marathon Digital recently released its earnings report, but the November 15th filing with the SEC revealed that the SEC subpoena from the 3rd Marathon Electronic Holdings released a solid Q3 report with sales up 76% in QoQ, but they are worrisome Pay the investors.

The bitcoin mining company filed a 10-Q report with the U.S. SEC announcing that it received a subpoena from the regulator last quarter regarding its data center in Hardin, Montana. Profile contains:

“In the quarter ended September 30, 2021, the Company and several of its executives received subpoenas to provide documents and information related to the Hardin, Montana data center facility described on Form 8-K dated October 13, 2020. We understand that the SEC may be investigating whether there have been violations of federal securities laws. We cooperate with the SEC. “

Marathon Electronic is a self-mining company, which means that it has a role in mining bitcoins using specialized hardware that the company owns and making profits by exchanging money for cash. To stay competitive, the company plans to increase its hash rate by acquiring more miners over the next few years with cash flow companies.

Digital mining company Marathon is said to have mined 1,758 BTC worth $ 113 million from the Montana data center in 2021 and deployed over 2,000 miners at a co-host facility in North Dakota.

Because the company is a publicly traded mining company, it is listed on the NASDAQ and is required to file quarterly and annual reports with the SEC to disclose information about its finances and activities to investors. However, the subpoena was not actually mentioned in the press release a few days ago. MARA stock fell from a high of $ 79.19 to $ 64.12 before rebounding to hit $ 60 today.

Investors are watching crypto companies like this one due to a change in regulatory stance under new SEC chairman Gary Gensler. The agency has focused on stablecoin alternatives and other defi protocols on Ethereum. Former SEC chairman Jay Clayton has argued that BTC is not a security either.