Marathon Digital terminated its credit facilities with Silvergate Bank, which said Wednesday it will wind down operations and liquidate its assets. By Aoyon_A
Marathon said that on March 8, the term loan prepayment was completed, and the company’s credit facilities with Silvergate Bank were terminated, reducing its debt by $50 million,The debt paydown also increased its unrestricted bitcoin holdings by 3,132 as the bitcoin that was being held as collateral by a third-party custodian, were returned to the miner, the statement said.
"We have reduced our leverage by approximately $50 million, immediately freed up approximately $75 million in bitcoin that was being held as collateral for the term loan, and reduced our annual cash interest costs and facility fees by approximately $5 million," said Hugh Gallagher, Marathon’s CFO in the statement.
The company has been taking steps to shore up its balance sheet by paying off some of its debts and freeing up its restricted bitcoins that were being used as collateral. In January, Marathon said that it
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