MARA Holdings (NASDAQ: MARA) has taken a significant step in leveraging its substantial Bitcoin reserves by committing 18,750 BTC as collateral for newly arranged credit facilities. This move, detailed in the company’s recent quarterly SEC filing, secures substantial incremental capital aimed at advancing its strategic shift toward energy generation and artificial intelligence infrastructure.
On August 4, 2026, the firm finalized two Bitcoin-backed term loan arrangements providing $600 million in additional borrowings.
One facility, arranged with Coinbase Credit, consolidates and refinances a prior $150 million credit line while delivering $300 million of fresh capital.
The second, from Two Prime Lending, contributes another $300 million.
Together these create a combined principal of $750 million that has been fully drawn.
Both facilities carry maturities in early August 2028, with the Coinbase arrangement including a potential one-year automatic extension unless either party opts out.Interest terms differ between the lenders.
The Coinbase facility uses a floating rate based on the midpoint of the Federal Reserve’s target range for federal funds plus 3.875 percent.
The Two Prime facility carries a fixed rate of 7.65 percent. Weighted average costs for the new borrowings were reported around 7.56 percent.
At prevailing rates, annual interest expense on the combined facilities would approximate $56.7 million if principal levels remain steady.
The 18,750 BTC pledged as initial collateral carried a fair value of roughly $1.2 billion at closing.
This amount represents a substantial portion of the company’s treasury.
As of June 30, 2026, MARA reported total holdings of 35,577 BTC, of which approximately 9,270 were already loaned or pledged under earlier arrangements.
The new collateral commitment therefore activates a large share of remaining reserves for financing purposes.
