Marathon Digital Expands Credit Facility With Silvergate Bank
Main page News, Bitcoin, US Market, Crypto Market

Marathon Digital, a cryptocurrency mining firm, has expanded its credit facility with Silvergate Bank by refinancing its current $100 million revolving line of credit with an additional $100 million term loan.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

The Las Vegas-based company said in a press release that the new credit term includes the ability to draw $50 million at the time of closing and an additional $50 million up to 270 days after closing. Hugh Gallagher, Marathon's Chief Finance Officer, said:

"With these facilities in place, we have achieved our goals of adding both capacity and optionality in financing our future operations growth."

Bitcoin Miner Marathon Suspends 75% of Rigs in Montana

The term loan priced at 7.25%. Marathon says there are "no amounts outstanding under the revolving credit facility at this point." The new credit line is backed by bitcoin (EXANTE: Bitcoin) and mature in July 2024.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Read also:
Please describe the error