• Marathon Digital Holdings has assured investors that the firm’s cash deposits at Signature Bank are secure and available.
• The company has approximately $142 million in cash deposits at Signature Bridge Bank, which was set up by the FDIC after the shutdown of Signature Bank.
• Marathon still holds over 11,000 Bitcoin (BTC), which it views as a financial asset.
Marathon Digital: Cash Deposits Secure and Available
Marathon Digital Holdings has reassured investors that their cash deposits held at Signature Bank are secure and accessible for use. The company disclosed that it has approximately $142 million in cash deposits at Signature Bridge Bank, a bridge bank set up by the US Federal Deposit Insurance Corporation (FDIC) to manage customer accounts after the closure of Signature Bank.
Marathon Accessible Funds
Marathon also confirmed that it has access to its funds for treasury management purposes, and is conducting its usual business transactions and paying all invoices as usual. In addition, Marathon holds over 11,000 Bitcoin (BTC) which provides flexibility beyond the conventional banking system.
Signature Bank Closed Down
Signature Bank, a crypto-friendly bank based in New York, was closed down on March 12th and taken over by the New York Department of Financial Services. The Federal Reserve said on March 12th that the decision to close the bank was made in collaboration with the FDIC to protect the US economy and bolster public confidence in banking systems.
Silicon Valley Bank Not Impacted
Marathon also clarified that it had no direct business ties with Silicon Valley Bank which shut down on March 10th so its operations were not affected by this closure either.
Statement from Federal Reserve & US Treasury
The Federal Reserve and US Treasury issued a statement outlining their actions to protect America’s economy by strengthening public confidence in our banking system while ensuring depositors‘ savings remain safe: https://t.co/YISeTdFPrO