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.
