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Seeking Alpha 2023-03-13 14:55:57

Marathon Digital says ~$142M cash deposits at Signature Bank are 'secure'

Marathon Digital ( NASDAQ: MARA ) disclosed on Monday that deposits that were held at now shuttered Signature Bank ( NASDAQ: SBNY ) are secure and available for use. On Sunday, New York State's Department of Financial Services took possession of Signature Bank ( SBNY ) to protect depositors. Later that day, the Federal Deposit Insurance Corp. (FDIC) established Signature Bridge Bank as the successor to Signature Bank, with all deposits from SBNY transferred to Signature Bridge Bank. Marathon ( MARA ) currently holds ~$142M cash deposits at Signature Bridge Bank and has access to its funds for treasury management purposes. In addition, it continues to hold over 11,000 bitcoin that it believes provides it with financial optionality. Separately, the company confirmed that it had no direct business relationship with Silicon Valley Bank, which was also closed down by FDIC. Shares of the cryptocurrency miner gained ~15% shortly before 11a.m. ET

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