Bitcoin miner MARA has closed two credit facilities backed by 18,750 BTC, securing $600 million in fresh debt to expand its power generation and AI infrastructure push. The pledged collateral was valued at about $1.2 billion when the loans were executed on Aug 4.
The two facilities carry a combined principal of $750 million. Coinbase Credit provided $450 million, which includes a refinancing of an existing $150 million credit line plus an additional $300 million. Two Prime Lending supplied the remaining $300 million. All funds have been fully drawn.
Interest rates and maturities
The Coinbase loan is priced at the midpoint of the Federal Reserve's target interest rate range plus 3.875 percentage points, with a maturity date of Aug 4, 2028. The Two Prime facility carries a fixed rate of 7.65% and matures on Aug 3, 2028. If principal remains unchanged, annual interest expense on the two loans would total roughly $56.7 million.
Proceeds to fund Long Ridge Energy acquisition
MARA said the loan proceeds will be used for general corporate purposes, including a partial cash payment for its acquisition of Long Ridge Energy & Power LLC. That deal carries an enterprise value of about $1.5 billion. Long Ridge owns a 505-megawatt natural gas power plant and more than 1,600 acres of industrial land. MARA plans to use the assets for power generation, bitcoin mining, and potential AI and high-performance computing campuses.