According to its monthly update, Marathon Digital (MARA) paid off $30 million in revolver loans in December, freeing up 3,615 bitcoins (BTC) that had been pledged as collateral. The revolver’s lender was Silvergate Capital (SI), which earlier this week announced $8.1 billion in digital-asset deposit withdrawals during the fourth quarter as it continues to deal with the fallout from the collapse of crypto exchange FTX. Silvergate’s stock has recently dropped 46%. Marathon’s decision is the latest in a string of similar moves by bitcoin miners to reduce their debt obligations through payments or restructurings as the bear market continues to wreak havoc on the industry.
