Bitcoin miner MARA Holdings has disclosed in its latest quarterly SEC filing that it pledged 18,750 BTC to secure two bitcoin-collateralized loans totaling $750 million. Coinbase Credit provided a facility that refinances an existing $150 million credit line and adds $300 million in new funding, while Two Prime Lending supplied another $300 million. Both loans have been fully drawn, with a combined financing cost of about 7.56% and a maturity around August 2028. The pledged BTC was worth approximately $1.2 billion at the time of the transaction. If Bitcoin's price falls and pushes the collateral ratio below the agreed threshold, MARA could face margin calls or risk liquidation of the BTC. Proceeds are earmarked for general corporate purposes and to support MARA's acquisition of Long Ridge Energy & Power. The deal has an enterprise value of about $1.5 billion. Long Ridge owns a natural gas power plant in Ohio with an estimated capacity of 505 MW and more than 1,600 acres of industrial land, which MARA plans to develop into a hub for Bitcoin mining, AI, and high-performance computing.
Bitcoin miner MARA Holdings has pledged 18,750 BTC as collateral for two bitcoin-backed loans totaling $750 million, according to its latest quarterly filing with the U.S. Securities and Exchange Commission.
The company detailed the loan structure in the filing. Coinbase Credit provided financing that refinances an existing $150 million credit line and adds $300 million in new funds. Two Prime Lending extended a separate $300 million loan. Both loans have been fully drawn. The combined financing cost stands at about 7.56%, with the bulk of the debt maturing in August 2028.
At the time the deal closed, the pledged BTC carried a value of roughly $1.2 billion. Should bitcoin prices drop and drag the collateral ratio below agreed levels, MARA may need to post additional collateral; otherwise, the BTC could face liquidation.
The new funds are earmarked mainly for general corporate purposes and to support MARA's acquisition of Long Ridge Energy & Power. That transaction carries an enterprise value of about $1.5 billion. Long Ridge operates a natural gas power plant in Ohio with an estimated installed capacity of 505 MW and controls more than 1,600 acres of industrial land. MARA says it plans to develop the site into a base for bitcoin mining, AI, and high-performance computing infrastructure.
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