Marathon Intends to Receive $100M from Silvergate Capital

Mining firm Marathon Digital Holdings has just agreed to open a $100 million revolving line of credit from Silvergate Capital secured by Bitcoin.

According to the terms of the agreement, Marathon will receive $50 million immediately and $50 million over the next 270 days after July 28. The rate on the credit line will be variable and will initially be 7.25% per annum. The agreement will last for two years.

The mining company has also agreed to refinance a $100 million loan due in October this year. It has been extended until July 2024.

The company CFO Hugh Gallagher has commented:

“Marathon has provided exceptional flexibility in terms of funding options.”