MARA Pledges 18,750 BTC for $600M Loan to Fund Energy and AI Expansion

MARA Holdings has secured $600 million in new financing to fund its expansion strategy through energy and AI infrastructure. The company pledged 18,750 BTC worth approximately $1.2 billion as collateral for two loans with Coinbase Credit and Two Prime Lending.

The combined principal of the two facilities is $750 million, but MARA will receive only $600 million in new funding due to a refinancing component of the Coinbase facility. The company's existing credit line was refinanced for $150 million, reducing the amount of fresh capital received.

Coinbase supplied $300 million and Two Prime provided another $300 million, both facilities are fully drawn at an interest rate of 7.5% for Coinbase and a fixed 7.65% for Two Prime. If MARA keeps the entire $750 million outstanding, the loans would generate around $56.7 million in annual interest costs.

The company plans to use the proceeds for general corporate purposes including energy acquisitions, Bitcoin mining, artificial intelligence, and high-performance computing infrastructure. Part of the funds will also be used for its acquisition of Long Ridge Energy & Power in Ohio, which carries an enterprise value of about $1.5 billion, including assumed debt.