MARA pledges 18,750 BTC for $600M in new loans

cryptonews08-09 18:20

MARA Holdings secured $600 million of new borrowing on Aug. 4 after pledging 18,750 BTC worth about $1.2 billion as initial collateral, according to its Aug. 6 quarterly filing with the U.S. ...

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The pledged 18,750 BTC therefore equals roughly 53% of its reported quarter end Bitcoin holdings. 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The pledged 18,750 BTC therefore equals roughly 53% of its reported quarter end Bitcoin holdings. MARA said it “expects to use the proceeds” for general corporate purposes, including financing part of the cash consideration for its planned Long Ridge Energy & Power acquisition.\n\nMARA pledged 18,750 Bitcoin as collateral for $600M in new borrowing. 💸 That equals about 53% of its 35,577 $BTC holdings.The loans were arranged through Coinbase Credit and Two Prime Lending. pic.twitter.com/iVti2eWxQV— CryptosRus (@CryptosR_Us) August 9, 2026\n\nMARA gets $600M while refinancing another $150M\nAlthough the two facilities carry $750 million of combined principal, only $600 million represents new borrowing. Coinbase provided a $450 million facility consisting of $300 million in fresh funding and the refinancing of MARA’s existing $150 million Coinbase credit line. Two Prime separately provided a fully drawn $300 million term loan.\nCoinbase’s debt carries a floating rate equal to the midpoint of the federal funds target range plus 3.875%. The Federal Reserve maintained its target range at 3.50% to 3.75% on July 29, which puts the current rate on the Coinbase facility at about 7.5%. The loan matures on Aug. 4, 2028 and automatically extends for another year unless either party cancels the extension.\nMeanwhile, Two Prime’s $300 million facility carries a fixed annual interest rate of 7.65% and matures on Aug. 3, 2028. At the currently applicable rates, the two loans would generate about $56.7 million in annual interest expense if the full principal remained outstanding for a year. That figure is calculated from the disclosed rates rather than provided as MARA guidance.\nBitcoin collateral adds liquidity and margin risk\nThe financing shows MARA using its Bitcoin reserves as a source of liquidity alongside outright BTC sales. At June 30, the company already had 4,528 BTC pledged as collateral and another 4,742 BTC loaned to third parties. During the first six months of 2026, MARA also sold about 23,093 BTC for $1.6 billion to fund operations, pursue growth opportunities and manage liquidity.\nMARA ended the second quarter with 35,577 BTC, down 29% from 49,951 BTC a year earlier. The company reported quarterly revenue of $174.9 million and a $611.3 million net loss, while declining Bitcoin prices contributed to a $342.7 million fair value loss on its holdings.\nHowever, borrowing against Bitcoin also exposes the company to collateral requirements if BTC prices decline. MARA must maintain agreed collateral ratios under both lending arrangements. If the value of pledged assets falls below specified margin call limits, it must add collateral or take other permitted action to restore those ratios.\nFailure to provide enough collateral would constitute an event of default and could allow Coinbase or Two Prime to liquidate pledged Bitcoin. The filing does not disclose the exact margin call thresholds, so public information does not show the Bitcoin price that would trigger additional collateral requirements.\nLong Ridge connects the loans to MARA’s AI expansion\nMARA has linked part of the new financing to its proposed acquisition of Long Ridge Energy & Power in Hannibal, Ohio. The company announced the transaction in April at an enterprise value of about $1.5 billion, including assumed debt. Long Ridge includes a power generation business and more than 1,600 acres that MARA plans to combine with its existing infrastructure at the site.\nMARA says the property could support several workloads, including Bitcoin mining, power generation, AI infrastructure and high performance computing. Those plans remain forward looking. The company has not announced completed AI tenant contracts for the campus, although it said it had received interest from prospective customers.\nThe Ohio deal is part of a wider infrastructure expansion. MARA agreed in July to acquire a powered site covering more than 1,200 acres in Matagorda County, Texas. The purchase price can reach $600 million through milestone based payments, while MARA says the site could eventually support up to 2 GW of capacity.\nMARA has also been reshaping its balance sheet to finance that strategy. In related coverage, the company sold 20,880 BTC during the first quarter and used part of the proceeds to repurchase convertible debt. By June 30, MARA said total debt had fallen to about $2.4 billion from $3.6 billion at the end of 2025.\nWhat happens next for MARA\nThe next major milestone is completion of the Long Ridge transaction. MARA’s SEC filing says the acquisition carries an enterprise value of approximately $1.5 billion, including up to roughly $900 million of assumed debt. The company has also obtained a Barclays commitment for a 364 day senior secured bridge facility of up to $785 million as backstop financing for part of that debt if needed.\nClosing is not guaranteed. MARA disclosed that it could owe a $75 million termination fee if the acquisition is not completed by Nov. 30, 2026. That deadline can extend to June 30, 2027 if certain regulatory conditions remain unresolved.\nFor now, the Coinbase and Two Prime loans give MARA $600 million of additional liquidity without requiring another immediate large Bitcoin sale or equity issuance. In return, a large portion of its Bitcoin treasury is now tied to lender collateral requirements. The balance between those financing benefits and the risk of lower BTC prices will remain a key factor as MARA moves toward the Long Ridge closing and continues building its U.S. energy and AI infrastructure portfolio.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.47.1","shortVersion":"4.47.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2658725196","isCrawlerRequest":true}