Legal and regulatory
SEC Investigates Bitcoin Miner, Marathon Digital Holdings, Regarding Breach of Federal Securities Law
AnTyNovember 16, 2021
Marathon Digital owns a total of 7,453 Bitcoin and plans to buy more BTC and miners by selling $ 500 million in convertible securities.
Marathon Digital Holdings (MARA) fell 27% to trade at $ 55.40, but is still up about 404% so far this year.
The drop in MARA shares came after the cryptocurrency mining company revealed that it had received a subpoena from the United States Securities and Exchange Commission (SEC) regarding a partnership for a Montana data facility.
In early October 2020, the bitcoin miner signed a series of multi-party agreements to build a data center of up to 100 megawatts in Hardin. As part of the deal, it issued 6 million restricted Marathon common shares at that time. It also announced a joint venture with Beowulf Energy to become a Marathon shareholder for the Hardin data center.
The company admitted that the SEC was investigating whether Marathon Digital Holdings violated federal securities law in its quarterly filing.
The agency asked Marathon to produce documents and communications about the Hardin, MT facility. Marathon said it is cooperating with the investigation.
On Monday, the company also announced plans to sell $ 500 million worth of convertibles to buy more bitcoin and bitcoin miners.
According to Compass Mining, Marathon owns a total of 7,453 Bitcoin in October and, like other miners, uses the HODL strategy for all the BTC it trades. Last month, Marathon mined 418 Bitcoins, 100% of which was allocated to its Bitcoin treasury.
Marathon currently holds significantly more Bitcoin than its peers, thanks to buying 4,813 BTC at an average price of $ 31,168 in January.
Meanwhile, China is once again warning against cryptocurrency mining, this time its own state-owned companies, to get out of it. The National Development and Reform Commission (NDRC) plans to crack down on bitcoin mining on an industrial scale.
NDRC spokeswoman Meng Wei said it plans to impose punitive measures in the form of higher electricity prices on companies that continue to mine cryptocurrencies.
The country’s economic planning chief held a special meeting on the issue last week and gives provinces and municipalities the responsibility to investigate and clean up those involved in mining.
60 $ 560.06
AnTy has been involved in the crypto space full time for over two years. Prior to her blockchain debut, she worked with the NGO Doctor Without Borders as a fundraiser and has since explored, read, and created for different segments of the industry.
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