MARA Holdings, one of the largest publicly traded Bitcoin miners by market capitalization and BTC holdings, is leveraging its Bitcoin treasury to secure additional capital, pledging a substantial BTC holding as collateral for new loans from two crypto-focused lenders. The financing will support the Bitcoin miner's broader expansion into energy infrastructure and future AI and high-performance computing applications.

MARA Secures Two Lending Facilities Backed by 18,750 BTC

According to its latest SEC filing, MARA completed two lending facilities on August 4. The company pledged 18,750 BTC, valued at approximately $1.2 billion when the transactions closed.

The facilities carry a combined principal amount of $750 million, though only $600 million represents new borrowing. Coinbase Credit provided a $450 million facility, consisting of $300 million in new funding and a refinancing of MARA's existing $150 million Coinbase credit line. Two Prime Lending supplied an additional $300 million through its own term loan.

The Coinbase Credit facility carries a floating rate set at a spread above the federal funds target rate of 3.875%. Two Prime's loan is currently priced at 7.65% per annum. Both facilities mature in August 2028.

More Than Half of MARA's BTC Treasury Now Serves as Collateral

MARA reported holding 35,577 BTC at the end of June, meaning the newly committed 18,750 BTC represents approximately 53% of its total Bitcoin holdings.

This is not the company's first use of Bitcoin-backed financing. In its June filing, MARA disclosed that 4,528 BTC had already been pledged as collateral, including the Bitcoin backing the Coinbase credit facility that has now been refinanced.

This arrangement allows MARA to access liquidity without selling a significant portion of its Bitcoin holdings on the spot market. The approach mirrors a broader trend among corporate Bitcoin holders, including MicroStrategy, that have used BTC-collateralized credit lines and debt issuance to raise capital while retaining upside exposure to Bitcoin. However, the pledged BTC remains subject to collateral conditions. If Bitcoin's price declines substantially, MARA may be required to post additional collateral to meet its obligations under these lending agreements.

Financing Supports MARA's Strategic Expansion

Proceeds from the new facilities may be directed toward general corporate purposes, including funding a portion of the cash settlement for its forthcoming acquisition of Long Ridge Energy & Power. Assuming debt associated with the proposed transaction, the enterprise value is approximately $1.5 billion. The Long Ridge site in Ohio offers potential for power generation, Bitcoin mining, and AI and high-performance computing operations.

The Long Ridge acquisition positions MARA alongside a growing cohort of Bitcoin miners—including Core Scientific, Hut 8, and Iris Energy—that have pursued energy infrastructure deals or repurposed mining sites for AI and high-performance computing workloads. Demand for power-intensive data center capacity has intensified as hyperscale cloud providers race to expand AI compute infrastructure.

The financing reflects MARA's broader strategy of using its Bitcoin holdings as a funding source rather than relying solely on spot sales. During the first half of 2026, the company sold approximately 23,093 BTC worth $1.6 billion, reducing its holdings from 53,822 BTC at the end of 2025 to 35,577 BTC by June 30.