MARA Holdings sold 2,213 Bitcoin in the second quarter, equal to 91.37% of the 2,422 BTC it mined, and later added $600 million of new borrowing backed by Bitcoin collateral to support its planned acquisition of Long Ridge, a power-generation site it wants to develop for AI and high-performance computing. The company's quarterly filing shows the new funding sits within $750 million of fully drawn facilities entered into on Aug. 4, comprising a $450 million Coinbase loan facility and a separate $300 million loan from Two Prime. MARA said the proceeds can be used for general corporate purposes, including part of the cash consideration for Long Ridge. MARA initially pledged 18,750 BTC across the two facilities, but the filing does not show how much borrowing capacity remains after closing because the overlap with previously reported pledged or loaned Bitcoin is unclear. At June 30, the company held 35,577 BTC, of which 26,307 BTC was classified as unrestricted, 4,742 BTC as loaned and 4,528 BTC as pledged collateral. Both loans require MARA to maintain enough Bitcoin collateral, with default potentially allowing lenders to liquidate pledged BTC, but the filing does not disclose the maintenance ratios, margin-call levels, cure periods, liquidation formulas or collateral split between lenders. That leaves investors unable to calculate a Bitcoin price that could trigger a margin call or forced sale. The Coinbase facility carries interest at the midpoint of the federal funds target range plus 3.875% and matures in August 2028, with an automatic one-year extension unless canceled, while the Two Prime loan bears a 7.65% fixed rate and also matures in August 2028. MARA reported $174.9 million in second-quarter revenue and a $611.3 million net loss, including a $342.7 million fair-value loss on Bitcoin, while net cash used in operating activities reached $471.3 million in the first half of 2026. Long Ridge remains conditional: the Federal Trade Commission (U.S. antitrust regulator) granted early termination of the waiting period on June 16, but approval from the Federal Energy Regulatory Commission (U.S. power market regulator) was still pending as of Aug. 6. The acquisition agreement has a Nov. 30 outside date that can extend to June 30, 2027, if certain regulatory issues remain unresolved, and MARA could owe a $75 million termination fee in some cases. Management has targeted at least one AI or high-performance-computing lease across its portfolio before year-end, but has not announced a signed Long Ridge tenant.