Marathon Digital Holdings ( NASDAQ: MARA ) has prepaid its term loan and ended its credit facilities with Silvergate Capital's ( NYSE: SI ) bank, the bitcoin ( BTC-USD ) miner said Wednesday, resulting in a $50M debt reduction and a boost in its unrestricted bitcoin holdings by the 3,132 tokens that were held as collateral for the loan. The move comes on the heels of Silvergate's ( SI ) announcement that it plans to winds down operations and liquidate Silvergate Bank. In early February, Marathon ( MARA ) provided Silvergate Bank with the required 30-day notice stating the company’s intent to prepay the outstanding balance on its term loan facility as well as the its intent to terminate the term loan facility. Both entities agreed to also eliminate the revolving credit line facility, which had no borrowings outstanding on the termination date. The term loan was prepaid on Wednesday. “Our industry has significantly changed since we put these facilities in place last summer, and we have been adapting our financial strategy accordingly,” said Marathon Digital CFO Hugh Gallagher. The move to prepay the company's term loan and end both the term loan and RLOC facilities reduced its annual cash interest costs and facility fees by around $5M, he added. MARA slipped 1.1% in extended trading on Wednesday. In August 2022, Marathon Digital expanded its credit facilities with Silvergate to boost funding options.