MARA Holdings has secured $600 million in new financing by pledging 18,750 BTC—valued at approximately $1.2 billion—as collateral. The Bitcoin mining company completed two separate loan agreements with Coinbase Credit and Two Prime Lending on August 4, 2026, and plans to direct the capital toward energy acquisitions, Bitcoin mining operations, artificial intelligence initiatives, and high-performance computing infrastructure. The move places MARA among a growing group of publicly traded Bitcoin miners— including Core Scientific, Hut 8, and Iris Energy—pursuing AI and HPC diversification to monetize their power infrastructure beyond cryptocurrency mining.

Financing Structure and Terms

The two lending facilities carry a combined principal of $750 million. However, MARA will receive only $600 million in new funding because the $450 million Coinbase facility includes a $150 million refinancing of an existing credit line. Coinbase Credit supplied $300 million in fresh capital, while Two Prime Lending provided an additional $300 million. Both facilities are fully drawn.

The pledged Bitcoin represents nearly 53% of the 35,577 BTC that MARA held at the end of June. The Coinbase loan carries an interest rate of approximately 7.5%, while Two Prime charges a fixed rate of 7.65%. If MARA maintains the full $750 million in outstanding principal, the combined annual interest cost would amount to roughly $56.7 million. By borrowing against its Bitcoin treasury rather than issuing new equity, MARA avoids diluting existing shareholders—but at the cost of encumbering more than half of its primary operating asset.

MARA Pledges 18,750 BTC to Secure $600 Million in New Loans for Energy and AI Infrastructure Expansion

According to The Energy Mag, MARA completed two loans with Coinbase Credit and Two Prime Lending on Aug. 4, pledging 18,750 BTC worth about $1.2 billion to secure $600 million… pic.twitter.com/CQY1SPHMEv

— Wu Blockchain (@WuBlockchain) August 9, 2026

Deployment Plans: Long Ridge Energy Acquisition and AI Campus

MARA intends to use the loan proceeds for general corporate purposes, with a significant portion earmarked for its acquisition of Long Ridge Energy & Power in Ohio. That transaction carries an enterprise value of approximately $1.5 billion, including assumed debt.

Long Ridge operates a gas-fired power plant with an expected capacity of 505 megawatts and holds more than 1,600 acres of industrial land. MARA plans to develop the site for power generation, Bitcoin mining, and a potential AI and high-performance computing campus. Direct ownership of power generation aligns with a broader industry shift among large-scale miners to acquire and control energy assets, reducing exposure to variable grid electricity costs and enabling repurposing of capacity toward higher-margin computing workloads.

Collateral Risks and Liquidity Context

The Bitcoin-backed financing introduces additional downside exposure. MARA is required to maintain specified collateral levels, and lenders may demand additional Bitcoin if the asset's market value declines. Should MARA fail to satisfy a margin call, the lenders could liquidate the pledged BTC. The company has not disclosed the specific Bitcoin price thresholds that would trigger such calls.

During the first half of 2026, MARA sold 23,093 BTC for approximately $1.6 billion. The new financing arrangement provides the company with additional liquidity without necessitating another immediate Bitcoin sale, though it concurrently increases MARA's exposure to Bitcoin price volatility. A sustained decline in Bitcoin's market price could force MARA to either pledge additional collateral or liquidate holdings at unfavorable prices, creating a feedback risk common to crypto-collateralized lending structures.