<p class="p1"><span class="s1">Bitcoin miner Marathon Digital Holdings said it repaid its term loan and ended its credit facilities with liquidating Silvergate Bank, reducing its debt by $50 million. </span></p> <p class="p2"><span class="s1">“We have been actively building a more robust balance sheet that features increased levels of cash and unrestricted bitcoin holdings,” Hugh Gallagher, Marathon’s chief financial officer on said a statement Wednesday. “Given our current cash position, we determined that it was in the Company’s best interest to prepay our term loan and eliminate both the term loan and (revolving line of credit) facilities.” </span></p> <p class="p2"><span class="s1">Gallagher added that the company also “freed up” about $75 million in bitcoin. </span></p> <p class="p2"><span class="s1">The news comes shortly after Silvergate Capital Corp. <a href="https://www.theblock.co/post/218223/silvergate-will-liquidate-bank-wind-down-operations"><span class="s2">announced</span></a> it was winding down operations and voluntarily liquidating Silvergate Bank. Coinbase and Paxos, among other companies, have distanced themselves from the bank over the past few days. </span></p> <p class="p2"> </p><br /><span class="copyright"><p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>