Crypto-friendly bank, BankProv, revealed in an SEC filing it was no longer issuing rig-collateralized loans after it resulted in huge write-offs for the firm throughout 2022.
The holding company for the crypto-friendly bank, BankProv, has revealed it’s no longer providing loans secured by cryptocurrency mining rigs after writing off $47.9 million in loans primarily secured by them throughout 2022.
According to a Jan. 31 filing with the United States Securities and Exchange Commission , BankProv has already nearlythe proportion of its digital asset portfolio consisting of rig-collateralized debt since the quarter ending Sep. 30, 2022. The bank held $41.2 million in digital asset-related loans as of Dec. 30 last year consisting of $26.7 million worth of loans collateralized by crypto mining rigs which “will continue to decline as the Bank is no longer originating this type of loan”.during the 2021 bull market, often offering up mining rigs they own as collateral in order to lower their interest rates.
Liabilities of the top ten publicly listed crypto mining firms according to recent financial statements. Source:
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