MicroStrategy (MSTR) and Marathon Digital (MARA) both dropped close to 5% on Thursday after their lender Silvergate Capital’s (SI) shares fell more than 40% amid large-scale layoffs and a nearly $200 million write-off related to the acquisition of Facebook’s former stablecoin project Diem. MicroStrategy and Marathon both received loans from the San Diego-based crypto bank. Last March, Michael Saylor’s software company announced that its subsidiary had received a $205 million bitcoin-backed term loan from Silvergate. According to a recent investor presentation, the loan had a 6.20% annual interest rate as of September 30 and is due in March 2025.
