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Bitcoin Miner Marathon Says It Still Has Access to $142M at Signature Bank
Marathon terminated a credit facility with Silvergate last week.
Updated May 9, 2023, 4:10 a.m. Published Mar 13, 2023, 2:17 p.m.
Bitcoin mining firm Marathon Digital Holdings (MARA) said it still has access to $142 million in cash deposits at Signature Bank, which was shut down by New York regulators on Sunday.
Signature was the third bank with ties to the crypto industry to collapse in one week, after Silvergate Bank's voluntary liquidation and Silicon Valley Bank's shutdown by California and federal regulators.
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Marathon "has access to its funds for treasury management purposes and is paying all invoices in the normal course of business," it said in a Monday statement. It also holds more than 11,000 bitcoin, giving it "financial optionality that extends beyond the traditional banking system."
The miner had been winding down its debt obligations to Silvergate since January, and terminated a credit facility last week, reducing its debt by $50 million.
MARA, one of the largest bitcoin miners in the world, was up about 9% on early morning trading on the Nasdaq, as bitcoin edged closer to $23,000.
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