MARA secures $750 million in Bitcoin-backed loans to fund power and AI infrastructure push
The miner pledged Bitcoin worth about $1.2 billion for two facilities maturing in 2028 as it lines up cash for the planned Long Ridge acquisition and a wider energy-AI expansion.
MARA drew $750 million under two Bitcoin-backed lending facilities on Aug. 4, including $600 million of new borrowing and a refinancing of an existing $150 million Coinbase credit line, after pledging 18,750 BTC worth about $1.2 billion as initial collateral. The Coinbase facility carries a floating rate currently around 7.5% and matures on Aug. 4, 2028 with an automatic one-year extension unless either party cancels it, while Two Prime's fully drawn $300 million term loan carries a fixed 7.65% rate and matures on Aug. 3, 2028; MARA said proceeds may help fund cash consideration for its planned Long Ridge Energy & Power acquisition. The filing shows MARA leaning on its Bitcoin treasury for liquidity after selling about 23,093 BTC for $1.6 billion in the first half, while putting collateral equal to roughly 53% of its June-end holdings behind the new loans and exposing that stack to margin requirements if Bitcoin prices fall as it expands into energy, AI and high-performance computing.
- Bitcoin-backed lending facilities: Loan arrangements secured by pledged Bitcoin, allowing a borrower to raise cash without immediately selling the holdings.
- collateral calls: Demands from lenders for additional pledged assets when the value of existing collateral falls below required levels.
- high-performance computing: Large-scale computing infrastructure used for intensive workloads such as AI training, simulations and data processing.