Marathon Digital said it has access to $142 million in cash deposits held by Signature Bank, which was closed by state regulators on Sunday.
The company said in a statement it has access to the funds for treasury management purposes and is paying all invoices in "the normal course of business."
Marathon also holds over 11,000 bitcoin, "which the company believes provides it financial optionality that extends beyond the traditional banking system."
Separately, Marathon confirmed that it had no direct business relationship with Silicon Valley Bank, which was shuttered by authorities on Friday.
U.S. federal bank regulators guaranteed full return of Silicon Valley and Signature Bank customer deposits.
U.S. President Joe Biden assured American citizens on Monday that the banking system is safe following the collapses.
“Americans can have confidence that the banking system is safe,” Biden said. “All customers who had deposits with these banks can rest assured that they’ll be protected and will have access to their money as of today.”
Shares of Marathon were up 11.4% as of 10:20 am ET, with most miners also rallying. Bitcoin rose 15% over the past 24 hours trading at around $23,500.
Meanwhile, at least two other big miners, CleanSpark and Iris Energy, said that they had no deposits with Silicon Valley Bank or Silvergate Capital, with the latter also confirming no ties to Signature.
Update: This story has been updated with market prices and information regarding CleanSpark and Iris Energy.
© 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.