Marathon Digital says it has access to funds held at Signature Bank
Marathon Digital said it has access to $142 million in cash deposits held by Signature Bank, which was closed by state regulators on Sunday. The company said in a statement it has access to the funds for treasury management purposes and is paying all invoices in "the normal course of business.". Marathon also holds over 11,000 bitcoin.
Separately, Marathon confirmed that it had no direct business relationship with Silicon Valley Bank, which was shuttered by authorities on Friday. U.S. President Joe Biden assured American citizens on Monday that the banking system is safe following the collapses. Shares of Marathon were up 11.4% as of 10:20 am ET, with most miners also rallying. Bitcoin rose 15% over the past 24 hours trading at around $23,500. Meanwhile, at least two other big miners, CleanSpark and Iris Energy, said that they had no deposits with Silicon Valley Bank or Silvergate Capital, with the latter also confirming no ties to Signature.
Source
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