Key Takeaways:
- MARA committed 18,750 BTC valued at approximately $1.2 billion in exchange for $600 million in new loans.
- Meanwhile, Coinbase Credit and Two Prime Lending were behind the financing, with $300 million in new funding coming from each.
- These loans provide MARA with more liquidity as over 50 per cent of the estimated Bitcoin has become collateral-based.
MARA Holdings is callin on its Bitcoin balance sheet for additional capital by pledging a massive BTC holding to act as collateral for new loans from two crypto-lenders. The funds will support the Bitcoin miner’s expansion efforts as they work to diversify into energy infrastructure and future AI and high-performance computing applications.
MARA Locks 18,750 BTC Behind New Loans
MARA completed two lending facilities on August 4, according to its latest SEC filing. The company pledged 18,750 BTC, valued at roughly $1.2 billion when the transactions closed.
The facilities have a combined principal amount of $750 million, but only $600 million represents new borrowing. Coinbase Credit provided a $450 million facility, including $300 million in new funding and a refinancing of MARA’s existing $150 million Coinbase credit line.
Another $300 million was provided by Two Prime Lending via its own term loan. The Blockbase facility will have a floating rate subject to the usual spread above the federal funds target rate of 3.875%. Two Prime’s loan is currently charging at 7.65% per annum. At both of the facilities, maturity takes place in August 2028.
Read More: MARA Unveils Bitcoin Foundation, Backs 8 Billion Users With Security, Freedom and Network Defense
More Than Half of MARA’s BTC Treasury is Now Collateral
The amount of BTC in MARA was 35,577 BTC at the end of June, according to MARA. This leaves the newly-committed 18,750 BTC at about 53% of reported Bitcoins.
The recent round of financing shouldn’t confuse anyone as the company had already established such relationships with Bitcoin. It reported 4,528 BTC pledged as collateral when it filed in the month of June, including the BTC backing Coinbase’s credit facility which was refinanced.
This setup provides liquidity to MARA without its need to sell off a significant share of its Bitcoin holdings on the spot. The offered BTC, however, is bound by the conditions of collaterals. If Bitcoin’s price drops significantly, MARA may need to tender more collaterals in the lending obligations under these arrangements.
Bitcoin Financing Supports MARA’s Expansion
Money from the new operations can be funneled into general corporate functions, among them paying a portion of the cash settlement for its soon to be acquired Long Ridge Energy & Power.
Assuming debt for the proposed transaction, its enterprise value is approximately $1.5 billion. There is potential for power generation, Bitcoin mining, and perhaps AI and high performance computing industries on Long Ridge in Ohio.
The financing also represents a wider roundabout way of MARA using its Bitcoin as a source of funding, rather than just selling BTC. During the first half of 2026, the company sold approximately 23,093 BTC worth of $1.6 billion, according to the company. It reduced the amount of Bitcoin it held from 53,822 BTC as of the end of 2025 to 35,577 BTC by June 30.
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