MARA Borrows $600 Million with 18,750 BTC Pledged as Collateral
MARA Holdings has secured $600 million in new borrowing by pledging 18,750 Bitcoin as initial collateral. This represents about 53% of its reported quarter-end Bitcoin holdings, valued at around $1.2 billion.
The financing came from Coinbase Credit and Two Prime Lending, with the loans being used for general corporate purposes, including part of the cash consideration for the planned Long Ridge Energy & Power acquisition.
MARA plans to use its new Bitcoin reserves as a source of liquidity alongside outright BTC sales. The company has been reshaping its balance sheet to finance its energy and AI infrastructure strategy, with total debt falling to about $2.4 billion from $3.6 billion at the end of 2025.
The company's next major milestone is the completion of the Long Ridge transaction, which carries an enterprise value of approximately $1.5 billion, including up to roughly $900 million of assumed debt.