Bitcoin mining company MARA Holdings has secured $600 million in new borrowing by pledging 18,750 BTC as collateral, according to a quarterly filing with the U.S. Securities and Exchange Commission. The pledged Bitcoin, valued at approximately $1.2 billion at the time of the deal, represents about 53% of the company’s total holdings of 35,577 BTC reported at the end of June.
The financing is split into two facilities. Coinbase Credit provided a $450 million facility, consisting of $300 million in fresh funding and the refinancing of an existing $150 million credit line. This loan carries a floating rate equal to the midpoint of the federal funds target range plus 3.875%—currently around 7.5%—and matures on August 4, 2028. Two Prime Lending supplied a separate $300 million term loan at a fixed annual rate of 7.65%, also maturing in August 2028. Together, the facilities could generate roughly $56.7 million in annual interest expense if fully drawn for the year.
MARA stated that the proceeds may be used for general corporate purposes, including partially financing the cash consideration for its planned acquisition of Long Ridge Energy & Power in Hannibal, Ohio. The transaction, announced in April, has an enterprise value of about $1.5 billion, including up to $900 million in assumed debt. The Long Ridge site spans over 1,600 acres and MARA plans to use it for Bitcoin mining, power generation, AI infrastructure, and high-performance computing. The company has also secured a Barclays commitment for a 364-day senior secured bridge facility of up to $785 million as backstop financing if needed.
The decision to borrow against Bitcoin, rather than sell it, reflects MARA’s strategy of maintaining upside exposure to the cryptocurrency while raising liquidity. However, the move also introduces margin risk: if Bitcoin prices fall significantly, MARA could be forced to post additional collateral or face liquidation of the pledged coins. The filing does not disclose exact margin call thresholds.
The collateral pledge underscores a broader corporate trend of using Bitcoin as a balance-sheet asset. During the first half of 2026, MARA sold approximately 23,093 BTC for $1.6 billion to fund operations and growth. The company reported a net loss of $611.3 million for the second quarter, with revenue of $174.9 million and a $342.7 million fair-value loss on its Bitcoin holdings due to declining prices.
