MARA Pledges 18,750 BTC in Deals Worth $600 Million to Finance Long Ridge Acquisition
MARA Holdings has made significant moves in its quest to acquire Long Ridge, a power-generation site it aims to develop for AI and high-performance computing. The company sold nearly all of its mined Bitcoin during the second quarter, with 2,213 BTC, or 91.37% of the 2,422 BTC it mined, being sold.
The proceeds from this sale were used to help finance MARA's planned acquisition of Long Ridge. The company entered into $750 million of fully drawn facilities on August 4, including a $450 million facility provided by Coinbase and a separate $300 million loan provided by Two Prime.
As part of these arrangements, MARA pledged 18,750 BTC as collateral. However, the company's quarterly filing does not disclose how much Bitcoin remained unrestricted after the loans closed or how much of that Bitcoin collateral pool overlaps with the 18,750 BTC pledged.