Overview
- MARA completed two Bitcoin‑backed lending facilities on Aug. 4 that provided $600 million of new borrowing inside a $750 million combined structure.
- The financing was arranged with Coinbase Credit and Two Prime, with disclosed rates of roughly midpoint of the federal funds range plus 3.875% for the Coinbase tranche and a fixed 7.65% for Two Prime, and both loans mature in August 2028.
- The company pledged 18,750 BTC as collateral, equal to about 53% of the 35,577 BTC MARA reported at June 30, which greatly increases exposure to margin calls because the filing does not disclose exact price thresholds.
- MARA released Q2 results after the loans showing $174.9 million in revenue, 2,422 BTC produced, and a net loss of $611.3 million that included a $342.7 million fair‑value markdown on Bitcoin holdings, a backdrop for tapping collateralized borrowing rather than selling more BTC.
- Proceeds are slated to help fund the proposed Long Ridge Energy & Power acquisition and other energy and AI projects, but Long Ridge’s closing and tenant commitments remain unresolved and a sharp BTC decline or a failed deal could force more asset sales or lender actions.