Benzinga | Nov 15, 2021 02:37PM EST

Why Bitcoin-Related Stock Marathon Digital Is Falling

Marathon Digital Holdings Inc (NASDAQ:MARA) shares are trading lower after the company announced it received a subpoena to produce documents and communications concerning the Hardin, Montana data center facility.

The company said it is cooperating with the SEC.

Marathon Digital also announced a proposed convertible senior notes offering of $500 million.

The company intends to use the net proceeds from the offering for general corporate purposes, including the acquisition of bitcoin or bitcoin mining machines.

Marathon Digital focuses on mining digital assets. The company owns crypto-currency mining machines and a data center to mine digital assets.

Marathon Digital has a 52-week high of $83.45 and a 52-week low of $2.18.