Overview
- On Aug. 4 MARA closed two crypto‑collateralized facilities that provided $600 million of new borrowing by pledging 18,750 BTC as initial collateral.
- The arrangements sit inside a $750 million combined structure with Coinbase Credit refinancing an old $150 million line and Two Prime supplying a $300 million term loan.
- Coinbase’s tranche carries a floating spread equal to the midpoint of the federal funds target range plus 3.875% and Two Prime’s tranche is fixed at 7.65%, with both maturing in August 2028.
- MARA says proceeds may fund part of the planned Long Ridge Energy & Power acquisition and buildout of Matagorda, Texas and Hannibal, Ohio sites for power, Bitcoin mining and AI compute.
- The loans give immediate liquidity and reduce the need for more coin sales but concentrate price‑sensitive credit risk because collateral ratios and exact margin‑call triggers are undisclosed and Long Ridge closing and tenant or regulatory milestones remain unresolved.