MARA Secures $600 Million Loan Using 18,750 BTC as Collateral

The financing package includes $300 million in new funding from Coinbase, which also refinanced an existing $150 million line, and a separate $300 million term loan from Two Prime. The Two Prime facility carries a fixed interest rate of 7.65% and matures in August 2028, while the Coinbase debt features a floating rate currently estimated at 7.5%. By opting for debt over outright asset sales, the company gains immediate liquidity to fund its $1.5 billion acquisition of Long Ridge Energy & Power in Ohio.

This aggressive debt strategy shifts the company's reliance away from liquidating its holdings, which totaled 35,577 BTC at the end of June. However, the move introduces significant margin risk. Should Bitcoin prices drop, MARA must provide additional collateral or risk the liquidation of its pledged assets by lenders. The company intends to direct these funds toward expanding its footprint in energy infrastructure, artificial intelligence, and high-performance computing, aiming to integrate the Long Ridge site into a broader portfolio that includes a massive 2 GW project under development in Texas.