MARA Holdings Pledges 18,750 BTC for $600M in Loans
MARA Holdings Inc., formerly known as Marathon Digital Holdings, has made one of the most significant corporate Bitcoin financing moves in 2026.
The publicly listed miner secured $750 million in combined loan facilities through two term loans that closed on August 4, according to the company's quarterly SEC filing. The loans were collateralized entirely by 18,750 BTC worth approximately $1.2 billion at current prices.
However, only $600 million represents new borrowing. A $450 million facility was provided by Coinbase Credit, consisting of $300 million in fresh funding and the refinancing of MARA's existing $150 million credit line. Two Prime Lending separately provided a fully drawn $300 million term loan.
The 18,750 BTC pledged represents approximately 53% of MARA's total Bitcoin holdings. At current prices, the loan-to-value ratio sits at roughly 50%, meaning MARA borrowed $600 million against $1.2 billion in Bitcoin.