Marathon Digital says it has access to funds held at Signature Bank

Quick Take

  • The Bitcion miner says it’s able to access funds for treasury management purposes and is paying all invoices in “the normal course of business.”

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.


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“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. 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.

About Authors

Christiana is a long-time journalist who has written about markets in the Americas, politicians who stashed cash in their underwear and high-end heels, to name just a few. She previously spent six years at Bloomberg, and her work has appeared in the WSJ, LA Times, Insider, Vogue Business and more. Christiana has a bachelor's degree in English from Pace University and a master's degree in journalism from New York University. She completed a master's degree in media psychology for fun.
Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).


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