MARA Holdings pledged 18,750 BTC to secure $600 million in two term loans from Coinbase Credit and Two Prime Lending, highlighting how institutional bitcoin-backed borrowing is expanding with larger facilities, longer maturities and more customized structures. The collateral accounted for about 53% of Marathon’s bitcoin holdings at the time and was worth roughly $1.2 billion when the deals closed on Aug. 4. MARA said the proceeds may be used for general corporate purposes, including its planned acquisition of Long Ridge Energy & Power, an Ohio gas-fired power plant that could support both bitcoin mining and artificial-intelligence infrastructure. Two Prime CEO Alexander Blume said secured BTC loans are becoming a more mature product, with lenders increasingly able to provide longer-duration financing, bespoke terms and warehouse lines (credit facilities for funding loans) for institutional clients. Two Prime’s portion carries a fixed 7.65% interest rate and matures in August 2028. Blume said demand has risen in recent months as institutions use bitcoin holdings to fund capital expenditure while keeping exposure to the asset. He added that loan agreements are becoming more sophisticated, with regulatory filings showing detailed terms around margin calls (requests for more collateral), custody and liquidation. Blume said lenders including Ledn and Kraken have also broadened the market through asset-backed securities and warehouse facilities tied to bitcoin collateral. He said the lending capability could become more important as more financial assets move on-chain (onto blockchain-based infrastructure), including tokenized equities.