MARA pledges 18,750 BTC for $600 million in loans, funding Bitcoin mining, AI, energy, and computing expansion.
MARA has pledged 18,750 Bitcoin to secure $600 million in new financing. The company completed 2 loan deals with Coinbase Credit and Two Prime Lending on August 4. The funding provides MARA with new capital to expand into new opportunities without needing to immediately sell its Bitcoin. The company is going to invest in energy assets, Bitcoin mining, artificial intelligence, and high-performance computing.
The transaction also illustrates the potential for Bitcoin to be a significant source of corporate capital. But when the market plummets, it is possible to introduce new risks by using BTC as collateral.
MARA Secures New Funding With Bitcoin as Collateral
The total principal of MARA’s 2 financing facilities is $750 million. Coinbase was able to offer a $450 million facility, including refinancing of an existing $150 million facility.
This implies the Coinbase deal brings in $300 million in fresh capital. Two Prime Lending will offer an additional $300 million via another facility.
Read more: Bitdeer Empties Bitcoin Treasury, Reports Zero BTC Holdings – Ledger Tribune
The Coinbase loan currently carries an interest rate of about 7.5%. It is tied to the Federal Reserve’s target rate by 3.875 percentage points.
The Fed on July 29 kept its target interest rate range unchanged at 3.5% to 3.75%. Therefore, the current rate on MARA’s Coinbase facility stands near 7.5%.
The Coinbase loan expires on 4th August 2028. It also has an automatic 1 year extension unless either party cancel the agreement.
In the meantime, Two Prime’s facility is fixed at 7.65% interest rate. The loan will be due on August 3, 2028.
If the full principal was still due, the total annual interest costs for the 2 loans would be approximately $56.7 million. As a result, MARA will have to create value from its new investments that is sufficient to cover the cost of financing.
At closing, the 18,750 Bitcoin that were pledged as collateral were valued at approximately $1.2 billion. This was approximately 1.6 times the total of the loans’ principal.
But the deal also exposes MARA to Bitcoin price fluctuations. The company is required to keep the proper amount of collateral throughout the loan term.
MARA Pledges 18,750 BTC as Bitcoin-Backed Loans Raise Collateral Risks
If Bitcoin drops drastically, MARA may need to put up additional collateral. Failure to satisfy a margin call might enable lenders to sell some of the pledged Bitcoin.
The promised coins are also a significant portion of MARA’s Bitcoin reserves. The company’s BTC holding on June 30 was 35,577 BTC, with the new collateral being close to 53% of this amount.
Prior to the new offers, MARA had already committed 4,528 Bitcoin. The previous credit facility with Coinbase was for approximately 4,253 BTC.
The strategy provides an opportunity for MARA to access capital but also to maintain its ownership of its Bitcoins. At the same time, it increases the company’s financial exposure to BTC price declines.
The business model of MARA may also evolve as a result of its planned investments. Energy assets can provide support to mining operations; AI and high-performance computing can provide other revenue opportunities.
Saylor Says Bitcoin Sale Did Not Trigger the Crash Some Expected
In the meantime, Bitcoin treasury companies have had to deal with another big problem, which is covered by Strategy’s Michael Saylor.
At ~0.15% of Bitcoin's hashpower, BIP-110 must mine 2,015 more blocks before its first difficulty adjustment. At today's rate, that is ~25 years. Anyone can fork Bitcoin. Without security, utility, capital, and users, a fork is irrelevant. Consensus is earned, not declared.
— Michael Saylor (@saylor) August 9, 2026
Saylor told The Diary Of A CEO in an interview on August 6 that investors used to be afraid that Strategy might not be able to sell Bitcoin safely.
He said the company sold Bitcoin when BTC traded around $59,000 to $60,000. But the market didn’t collapse as a result of the sale and Bitcoin went up.
Saylor added that Strategy’s break-even is around 3.2%. He claimed that Bitcoin’s appreciation can enable the company to sell a portion of its stock to pay dividends.
The comments highlight a key difference between holding Bitcoin and depending on Bitcoin. BTC can be a treasury asset, but financing options remain subject to market conditions.
Saylor Says 99.85% of Bitcoin Hashpower Remains on Main Chain
Saylor also talked about the controversial BIP-110 fork. He estimated that about 99.85% of the Bitcoin’s hashpower was on the main chain.
The minority branch had mined just 2 blocks and had more than 80 blocks behind them. Saylor estimated the branch’s total hashpower to be about 0.15% of Bitcoin’s hashpower.
He also projected it would take the minority chain approximately 25 years to hit its first difficulty adjustment.
Overall, MARA’s latest financing highlights the growing role of Bitcoin in corporate finance. However, the agreement also demonstrates the importance of prudent risk management when it comes to debt-backed cryptocurrencies.
Bitcoin prices will be significant for MARA, as they will impact its collateral situation. The value added by the new funding will depend on the success of its energy, mining, AI and computing investments, meanwhile.
Bilal Hassan is a seasoned crypto journalist with over five years of experience covering blockchain, digital assets, and global fintech trends. His work focuses on market developments, regulatory shifts, and the evolving landscape of cryptocurrency adoption worldwide.