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Marathon to raise $100 million in loan from Silvergate Capital

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

According to the terms, 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 is for two years.

Marathon also agreed to refinance a $100 million loan due in October 2022. It has been extended until July 2024.

“Marathon has provided exceptional flexibility in terms of funding options”– said CFO Hugh Gallagher Company.

Recall that in June, public mining companies sold a total of 14,600 BTC, which amounted to 23% of their total reserves in the first cryptocurrency.

In the second quarter, Marathon Digital Holdings reduced bitcoin mining by 44% to 707 BTC. The company’s reserves were 10,055 BTC (~$199 million as of July 7), cash was $88.7 million, and outstanding loans were $35 million.

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About author

Oxford graduate with honors. He worked in large financial projects for well-known Wall Street corporations. After he earned his first capital and a reputation as a successful trader, he opened his own company. At the moment, the growth of the company's capital is 20% per year.
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