Marathon said its holdings of 11,000 BTC provide it with “financial options beyond the traditional banking system.”
Bitcoin ( BTC ) miner Marathon Digital said its funds held at Signature Bank are safe and available for use despite the bank closures.
In a March 13 statement, BTC said it had $142 million in cash on deposit with banks and that it could use those funds for treasury purposes.
Beyond that, Marathon said it has no business relationship with Silicon Valley Bank, another troubled crypto-friendly bank.
Marathon Digital added that it held 11,000 bitcoins as of March 13. The company added that this provides “financial options beyond the traditional banking system.”
Signature Bank was shut down by the New York Department of Financial Services on March 12, with the state agency appointing the Federal Deposit Insurance Corporation (FDIC) as receiver.
After that, the FDIC will transfer all of Signature Bank’s assets and deposits to Signature Bridge Bank, a full-service financial institution that will operate while it seeks a potential bidder for the bank. The FDIC also said that “all depositors of the institution will become whole.”
Following the news, MARA shares rose 18% today to $6.36, according to Yahoo Finance data.
Other Companies Contacting Signature
Stablecoin issuer Paxos said it holds $250 million at Signature Bank. The company added that it insures private deposits in excess of the balances it holds at the failed bank.
However, Paxos guarantees that all of its customer deposits will be fully secured and expected to be available to customers when the bank opens.
Coinbase also revealed that it held $240 million at Signature Bank as of March 10, and the company also guaranteed that it could recover these funds when the bank opens.
True Coin, another stablecoin issuer that had $852.27 million in the failed bank, insisted that this would not affect its users’ minting and redemption of TUSD.
