MARA Holdings disclosed in a quarterly SEC filing that it has pledged 18,750 BTC as collateral for two fully drawn Bitcoin-backed loans totaling $750 million in principal, revising and clarifying the scale of the financing tied to its expansion plans. The borrowing includes refinancing an existing $150 million credit facility through Coinbase Credit and adding $300 million in new funding from that lender, alongside a separate $300 million loan from Two Prime Lending. The blended financing cost is about 7.56%, and the loans mainly mature in August 2028. The pledged Bitcoin was worth about $1.2 billion when the transactions were completed. If Bitcoin falls enough to push collateral coverage below required levels, MARA could face margin calls and, if unmet, liquidation of the pledged BTC. The company said the new funding will be used primarily for general corporate purposes and to support its planned acquisition of Long Ridge Energy & Power, a transaction with roughly $1.5 billion in enterprise value. Long Ridge owns a 505 MW natural gas power plant in Ohio and more than 1,600 acres of industrial land that MARA plans to develop further for Bitcoin mining, AI and high-performance computing infrastructure.