Bitcoin-backed corporate lending is moving into a more institutional phase, according to digital-asset lender Two Prime, as public companies increasingly tap debt markets instead of selling their bitcoin holdings to raise cash.

A recent example is MARA Holdings, which pledged 18,750 BTC to secure $600 million in term loans from Coinbase Credit and Two Prime Lending. The financing carries a fixed 7.65% interest rate and matures in August 2028.

Using bitcoin without giving it up

The MARA transaction reflects a broader change in how companies with large bitcoin treasuries are managing their balance sheets. Rather than liquidating the asset to fund acquisitions or capital spending, some firms are borrowing against it and keeping their market exposure intact.

That approach allows companies to unlock liquidity while continuing to hold bitcoin, a structure that has become more visible as listed firms build larger treasury positions. Two Prime said this use of bitcoin as collateral is becoming a more established part of corporate finance in the digital-asset sector.

Larger and longer-dated facilities

Two Prime described the market as maturing, with lenders now providing bigger facilities, longer durations and more tailored financing terms than in earlier stages of crypto credit.

In MARA’s case, the terms point to that shift. The company obtained a sizable $600 million package backed by 18,750 BTC, with a fixed borrowing cost and a maturity extending to August 2028. The structure suggests that bitcoin-backed loans are being shaped more like conventional corporate debt arrangements, even as the collateral remains a volatile digital asset.

More detailed lending structures

The development is also bringing more sophisticated loan documentation and operating frameworks. Two Prime pointed to detailed provisions around margin calls, collateral custody and liquidation as part of the newer generation of bitcoin-backed financing.

Those features matter because they define how lenders and borrowers handle the risks attached to crypto-backed debt. As facilities become larger and extend over longer periods, the design of collateral management and default protections becomes a more central part of the transaction.

A wider market is forming

The lending landscape is also broadening beyond bilateral loans. According to the report, other lenders are expanding the market through tools such as asset-backed securities and warehouse facilities, adding new channels for funding and risk distribution.

Taken together, these developments suggest bitcoin-backed lending is becoming a core component of digital-asset corporate finance rather than a niche funding option. Two Prime said that evolution could eventually have implications for wider on-chain financial infrastructure and for tokenized assets, although the article did not attach a timeline to that shift.

What comes next

For now, the clearest confirmed trend is that public companies are increasingly willing to use bitcoin as collateral to finance corporate needs while avoiding outright sales of the asset. MARA’s loan package stands as a concrete example of that model in action.

The next step to watch is whether more public companies adopt similar financing structures and whether lenders continue to extend larger, more customized facilities with defined terms on custody, margin and liquidation.

Source: www.coindesk.com