Bitcoin Miner Marathon Says It Still Has Access to $142M at Signature Bank

Marathon terminated a credit facility with Silvergate last week.

AccessTimeIconMar 13, 2023 at 2:17 p.m. UTC
Updated May 9, 2023 at 4:10 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

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."

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.




Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.