The shares of MicroStrategy and MarathonDH fell amidst the layoffs and investment write down of their lender silvergatebank. But Silvergate has other crypto ties that raise further concerns. by Aoyon_A
it had paid off another $30 million of that revolver in December, wiping out the balance . The move freed up 3,615 bitcoins that had been pledged as collateral.
MicroStrategy's shares were down 4.6%, and Marathon's shares lower by 4.9% on Thursday, while the price of bitcoin was essentially flat on the day at $16,800. Outside of the lending activities, Silvergate also has highflying crypto firms as corporate banking customers through its Silvergate Exchange Network leverage program, which issues U.S. dollar loans using bitcoin as collateral. The now-defunct FTX, stablecoin issuer Circle and crypto trading platforms Coinbase , Paxos, Crypto.com and Kraken were all SEN clients,Such ties have raised questions on crypto Twitter about possible knock-on effects for the industry if Silvergate were to go under.
The SEN has facilitated over $1 trillion in payments since its inception in 2017 and has over $1 billion in commitments, according to the investor presentation., which cited the lack of clarity on trading volume recovery following FTX's collapse.
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