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Mara Leverages Stashed BTC on Unnamed AI Clients and Unclear Debt Terms

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MARA Holdings mined 2,422 Bitcoin in Q2 and sold 91.37% of its production, amounting to 2,213 BTC.

The company then used 18,750 BTC as collateral against fresh debt, worth $600 million.

This borrowing is meant to finance the purchase of a power-generation site called Long Ridge for AI and high-performance computing workloads.

However, the quarterly filing by MARA does not provide enough information to determine the amount of Bitcoin remaining unrestricted after the loans closed on August 4.

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