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MicroStrategy, Marathon Digital Shares Fall Amidst Crypto Bank Silvergate’s Woes

The stocks of business software company MicroStrategy (MSTR) and bitcoin miner Marathon Digital (MARA) fell close to 5% on Thursday after their lender Silvergate's (SI) shares plunged more than 40% amid large-scale layoffs and a near $200 million write-off related to acquisition of Facebook's former stablecoin project Diem.

The San-Diego-based crypto bank was a lender to both MicroStrategy and Marathon. On March 29, 2022, Michael Saylor's software company said its subsidiary received a $205 million bitcoin-backed term loan from Silvergate. The loan had about a 6.20% annual interest rate as of Sept. 30 and is due on March 2025, according to a recent investor presentation.

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