MARA Uses 18,750 BTC to Secure $600 Million in New Loans for Expansion Plans

Two loans, one refinancing, $600 million in fresh funding

The new financing consists of two fully drawn facilities that together add $600 million of new funding. Their combined principal totals $750 million because MARA’s $450 million loan from Coinbase includes the refinancing of an existing $150 million credit line. Coinbase provided $300 million of additional capital, while Two Prime separately lent $300 million.

The Coinbase facility carries a floating interest rate set at the midpoint of the Federal Reserve’s target range plus 3.875 percentage points. Based on the Fed’s current 3.5% to 3.75% range, maintained on July 29, that works out to 7.5%. The loan matures on Aug. 4, 2028, and would automatically extend by one year unless either side cancels. Two Prime’s loan has a fixed 7.65% rate and matures on Aug. 3, 2028.

If principal balances stay where they are and rates do not change, the two facilities would produce roughly $56.7 million in annual interest expense.

Collateral demands tie the loans to bitcoin price moves

At closing, MARA’s pledged bitcoin covered about 1.6 times the combined loan principal. That cushion may not hold if bitcoin falls, and the company said it must keep collateral at required levels throughout the life of the loans.

A decline in the token’s price could force MARA to post additional bitcoin. If it does not satisfy a margin call, the lenders would have the right to liquidate the pledged coins. That makes the financing structure highly sensitive to changes in the market value of the collateral.

A large share of MARA’s treasury is now pledged

The 18,750 bitcoin used as collateral represented nearly 53% of the 35,577 tokens MARA held at the end of June. Before these new loans closed, the company already had 4,528 bitcoin pledged, including 4,253 tied to the Coinbase credit line that was refinanced.

The borrowing comes after a sizable drawdown in MARA’s bitcoin holdings earlier this year. During the first half of 2026, the company sold 23,093 bitcoin for $1.6 billion, reducing its total from 53,822 at the end of December. Its remaining bitcoin were worth about $2.1 billion on June 30.

By the end of June, MARA also reported $421.3 million in cash and about $2.4 billion in debt. It had previously cut borrowings by repurchasing roughly $1 billion of convertible notes, using some of the proceeds from those bitcoin sales.

Long Ridge deal is a key use for the proceeds

MARA said the new loan proceeds may be used for general corporate purposes, including part of the cash consideration for its planned acquisition of Long Ridge Energy & Power LLC from FTAI Infrastructure Inc. The transaction, announced in April, has an enterprise value of about $1.5 billion, including assumed debt.

Long Ridge owns a gas-fired power plant in Hannibal, Ohio, with expected nameplate capacity of 505 megawatts and more than 1,600 acres of industrial land. MARA has said it plans to use the site for power generation, bitcoin mining, and a potential campus for AI and high-performance computing.

The financing arrives as MARA’s recent operating results show pressure on both earnings and revenue. In the second quarter, the company posted a net loss of $611.3 million, versus income of $808.2 million a year earlier, while revenue fell 27% to $174.9 million. MARA said falling bitcoin prices drove $342.7 million of fair-value losses on its holdings.