External ReportingUpdated vor 4 Tagen

MARA Pledges 18,750 BTC for $600M Loan to Fund Energy and AI Expansion

MARA Holdings has pledged BTC to secure $600 million in fresh financing from Coinbase Credit and Two Prime Lending.

Publisher Blockonomi 2 Min. Lesezeit

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TLDR

MARA pledged BTC worth about $1.2 billion to secure fresh financing.
Coinbase and Two Prime provided $300 million each in new funding to support MARA’s expansion strategy.
MARA faces roughly $56.7 million in annual interest costs if the full $750 million remains outstanding.
A sharp decline in Bitcoin could trigger margin calls and expose MARA’s pledged BTC to liquidation by lenders.

MARA Holdings has pledged BTC to secure $600 million in fresh financing from Coinbase Credit and Two Prime Lending.

The Bitcoin miner plans to deploy the capital toward energy acquisitions, Bitcoin mining, AI, and high-performance computing infrastructure.

MARA Taps Bitcoin Treasury for Fresh Capital

MARA Holdings has secured $600 million in new financing after pledging 18,750 BTC as collateral. The company completed two loans with Coinbase Credit and Two Prime Lending on August 4.

The pledged Bitcoin was valued at roughly $1.2 billion when MARA closed the transactions. The amount represents nearly 53% of the 35,577 BTC the company held at the end of June.

The two facilities carry $750 million in combined principal. However, MARA will receive only $600 million in new funding because the $450 million Coinbase facility includes a $150 million refinancing of an existing credit line.

Coinbase supplied $300 million in additional capital, while Two Prime provided another $300 million. Both facilities are fully drawn.

The Coinbase loan currently carries an interest rate of about 7.5%. Two Prime charges a fixed 7.65% rate. If MARA keeps the entire $750 million outstanding, the loans would generate approximately $56.7 million in annual interest costs.

Energy and AI Expansion Raises BTC Risk

MARA plans to use the proceeds for general corporate purposes, including energy acquisitions, Bitcoin mining, artificial intelligence, and high-performance computing infrastructure.

The company also plans to use part of the funds for its acquisition of Long Ridge Energy & Power in Ohio. The deal carries an enterprise value of about $1.5 billion, including assumed debt.

Long Ridge operates a gas-fired power plant with an expected capacity of 505 megawatts and owns more than 1,600 acres of industrial land. MARA plans to develop the site for power generation, Bitcoin mining, and a potential AI and high-performance computing campus.

However, the Bitcoin-backed financing creates additional downside risk. MARA must maintain required collateral levels, and lenders can demand more Bitcoin if its value falls.

If MARA fails to meet a margin call, lenders could liquidate the pledged BTC. The company has not disclosed the specific Bitcoin price levels that would trigger those calls.

MARA had already sold 23,093 BTC for about $1.6 billion during the first half of 2026. The latest financing therefore gives the miner additional liquidity without requiring another immediate Bitcoin sale, but it also increases its exposure to BTC price volatility.

The financing structure, collateral figures, expansion plans, and liquidation risks above come directly from the supplied source.

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