MARA Holdings Pledges 18,750 BTC as Collateral for $600 Million Loans to Fund AI and Energy Expansion

Aug 7, 2026

MARA Holdings has secured $600 million in new bitcoin-backed loans from Coinbase Credit and Two Prime Lending, pledging 18,750 BTC—over half of its treasury—as collateral. The capital is earmarked for general corporate purposes and the planned $1.5 billion acquisition of the Long Ridge power-generation site to expand into AI infrastructure. Despite the liquidity injection, MARA's stock fell 10.9% to $10.09 following the announcement and a reported Q2 net loss of $611.3 million, which was heavily impacted by $342.7 million in fair-value adjustments on its digital assets.

MARA bitcoin-backed loan facilities

▪The Two Prime Lending loan carries a fixed interest rate of 7.65% and matures in August 2028.
▪The Coinbase facility carries a floating interest rate equal to the midpoint of the Federal Reserve's target range plus 3.875 percentage points and matures in August 2028.
▪The new borrowing sits inside a broader $750 million total facility arrangement, which includes a $450 million Coinbase Credit facility and a $300 million Two Prime Lending loan.
▪The $450 million Coinbase Credit facility refinanced an existing $150 million credit line and provided $300 million of additional funding.
▪MARA Holdings secured $600 million in new debt on August 4, 2026, by pledging 18,750 BTC as collateral across two credit facilities.

Long Ridge power generation acquisition

▪The Federal Trade Commission granted early termination of the antitrust waiting period for the Long Ridge transaction on June 16, 2026, but Federal Energy Regulatory Commission approval remains pending.
▪The Long Ridge Energy & Power LLC acquisition has an enterprise value of approximately $1.5 billion, including assumed debt, and is subject to regulatory approvals.
▪MARA Holdings plans to use the loan proceeds to fund general corporate purposes, including the cash consideration for its planned acquisition of Long Ridge Energy & Power LLC.

AI infrastructure expansion plans

▪The Long Ridge site in Hannibal, Ohio, includes a gas-fired power plant with 505 megawatts of expected capacity and more than 1,600 acres of industrial land.
▪MARA Holdings plans to develop the Long Ridge site for power generation, bitcoin mining, and a potential artificial intelligence and high-performance-computing campus.

Bitcoin collateral margin requirements

▪MARA Holdings must maintain required collateral levels and could face margin calls or forced liquidation of pledged coins if the price of Bitcoin falls.
▪The 18,750 BTC pledged as collateral represents approximately 53% of the 35,577 BTC that MARA Holdings reported holding in its treasury on June 30, 2026.
▪The loan agreements do not publicly disclose the numerical maintenance ratios, margin-call thresholds, or liquidation formulas.

Q2 2026 financial performance

▪MARA Holdings mined 2,422 BTC during the second quarter of 2026 and sold 2,213 BTC, representing approximately 91% of its quarterly output.
▪MARA Holdings reported a net loss of $611.3 million for the second quarter of 2026, compared to a net income of $808.2 million in the same period of 2025.
▪The second-quarter net loss was heavily impacted by $342.7 million in non-cash, fair-value losses on MARA Holdings' digital asset holdings.
▪MARA Holdings' second-quarter revenue declined 27% year-over-year to $174.9 million, driven by lower average Bitcoin prices.

Stock price decline reaction

▪MARA Holdings' stock price dropped 10.9% during the first week of August 2026, ending trading on Friday, August 7 at $10.09.
▪The decline in MARA Holdings' stock occurred despite a 3.1% advance in the price of Bitcoin during the same weekly period.