MARA Stocks Plummet as Bitcoin-Backed Lending Continues to Rise

MARA Holdings Inc. (NASDAQ: MARA) shares plummeted 10.15% on August 29, wiping out $466 million in market value as Bitcoin-backed lending continues to grow.

The company's stock closed at $10.67 after trading 41.93 million shares, with the drop erasing roughly 61% of its market capitalization based on cash and Bitcoin holdings valued at $2.5 billion.

MARA has secured $600 million in additional Bitcoin-backed loans at an average cost of 7.56%, adding to its leverage and potential risks. The company's Q2 results showed a significant drop in revenue and net loss, with adjusted EBITDA standing at negative $360.9 million.