MARA pledges 18,750 BTC for $600M in new loans

MARA Holdings secured $600 million of new borrowing on Aug. 4 after pledging 18,750 BTC worth about $1.2 billion as initial collateral, according to its Aug. 6 quarterly filing with the U.S. Securities and Exchange Commission. Summary 18,750 BTC worth about $1.2 billion initially secured MARA’s two new Bitcoin backed lending facilities. Coinbase provided $300 million of new funding while refinancing MARA’s existing $150 million credit line. Two Prime supplied $300 million at a fixed 7.65% rate, with maturity in August 2028. MARA said loan proceeds may help finance cash consideration for its planned Long Ridge acquisition. The pledged Bitcoin equals roughly 53% of MARA’s 35,577 BTC holdings reported at June end. The financing came from Coinbase Credit and Two Prime Lending as MARA directs more capital toward energy assets, Bitcoin mining, artificial intelligence and high performance computing. The loans were completed after the June quarter, when MARA reported holding 35,577 BTC with a fair value of about $2.1 billion. The pledged 18,750 BTC therefore equals roughly 53% of its reported quarter end Bitcoin holdings. MARA said it “expects to use the proceeds” for general corporate pur...