MARA sold almost all its mined Bitcoin, then pledged 18,750 BTC for an AI dream with no disclosed safety net

MARA Holdings sold 2,213 Bitcoin during the second quarter, equal to 91.37% of the 2,422 BTC it mined, before adding $600 million of new borrowing secured by Bitcoin collateral to help finance its planned acquisition of Long Ridge, a power-generation site it aims to develop for AI and high-performance computing.The company's quarterly filing shows that the new money sits inside $750 million of fully drawn facilities entered into on Aug. 4. Coinbase provided a $450 million facility, including $300 million of new borrowing and the refinancing of an existing $150 million loan. Two Prime provided a separate $300 million loan. MARA said the proceeds can fund general corporate purposes, including part of the cash consideration for Long Ridge.The Bitcoin collateral pool is clear, but remaining headroom is notMARA initially pledged 18,750 BTC across the two facilities. That Bitcoin collateral represents 52.7% of the 35,577 BTC it reported holding on June 30, although the comparison spans two different dates and does not establish how much Bitcoin remained unrestricted after the loans closed.At quarter-end, MARA classified 26,307 BTC as unrestricted, 4,742 BTC as loaned and 4,528 BTC as ple...