MARA Pledges 18,750 BTC for $600 Million in New Debt Financing

MARA has secured $600 million of new debt after pledging 18,750 BTC to Coinbase Credit and Two Prime Lending. The company tapped its Bitcoin reserves to finance an expansion into power generation and AI infrastructure.

The pledged tokens were valued at about $1.2 billion when the transactions closed. The facilities have combined principal of $750 million because a $450 million Coinbase loan includes the refinancing of an existing $150 million credit line.

MARA must maintain required collateral levels and could be forced to pledge additional Bitcoin if the token's price falls. Failure to meet a margin call would allow the lenders to liquidate pledged coins, the filing said.