Compiled by: ChainCatcher

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MARA pledges 18,750 bitcoins to obtain $600 million in new debt, expanding power generation and AI infrastructure business

According to ChainCatcher, Bitcoin mining company MARA has completed two loans, obtaining $600 million in new debt after pledging 18,750 bitcoins to expand its power generation and AI infrastructure business. The collateral was valued at approximately $1.2 billion at the time of the transaction. The total principal of the two loans is $750 million, with Coinbase Credit providing $450 million, including refinancing of an existing $150 million credit line and an additional $300 million; Two Prime Lending provided another $300 million, with both loans fully drawn. The interest rate on the Coinbase loan is 3.875 percentage points above the midpoint of the Federal Reserve's target rate range, maturing on August 4, 2028; the fixed interest rate on the Two Prime loan is 7.65%, maturing on August 3, 2028. If the principal remains unchanged, the annual interest expense on the two loans is approximately $56.7 million. MARA stated that the loan funds will be used for general corporate purposes, including paying part of the cash consideration for the acquisition of Long Ridge Energy & Power LLC. The transaction has an enterprise value of approximately $1.5 billion, with Long Ridge owning a 505-megawatt gas power plant and over 1,600 acres of industrial land, which MARA plans to use for power generation, Bitcoin mining, and potential AI and high-performance computing parks.