MARA Bitcoin-backed loans totalling $600 million closed on 4 August, with Coinbase Credit and Two Prime Lending each contributing $300 million in new capital, secured against 18,750 BTC worth roughly $1.2 billion at the time of pledging, according to MARA’s Q2 2026 10-Q filed with the SEC.
The pledged coins represent just over 53% of the 35,577 BTC MARA held at 30 June 2026. That is a large share of a treasury that has already been shrinking: at 31 December 2025, MARA held 53,822 BTC with a fair value of approximately $4.7 billion; by mid-year the stack had dropped to 35,577 BTC at a fair value of roughly $2.1 billion, partly because the company sold approximately 23,093 BTC for $1.6 billion during the first half of 2026 to fund operations and manage liquidity.
The Mechanics of MARA’s Bitcoin-Backed Loans
Although the two facilities carry $750 million of combined principal, only $600 million is fresh borrowing. Coinbase’s $450 million facility bundles $300 million in new credit with a refinancing of MARA’s existing $150 million Coinbase line, which had originally matured in Q1 2027 and has now been extended to 4 August 2028, per TFTC’s reporting on MARA’s Q2 filings. Two Prime’s $300 million term loan is fully drawn at a fixed annual rate of 7.65%, maturing 3 August 2028.
Coinbase’s portion carries a floating rate set at the midpoint of the federal funds target range plus 3.875%. The Federal Reserve held its target range at 3.50% to 3.75% on 29 July, putting the current Coinbase rate at approximately 7.5%. Weighted across both facilities, the blended rate on the $600 million in incremental borrowing is 7.56%, according to TFTC.
At the currently applicable rates, the two loans would generate roughly $56.7 million in annual interest expense if the full principal remains outstanding for a year. That figure derives from the disclosed rates and is not MARA guidance.
BTC lending has been adding a partial offset on the income side. According to Yahoo Finance/Blockspace citing MARA’s 6 August filing, MARA’s bitcoin lending arrangements generated $10.7 million of interest income during the first half of 2026. That compares with $32.1 million for full-year 2025, per MARA’s 10-K.
Collateral Risk Is the Flip Side
Before these new loans closed, MARA already had 4,528 BTC pledged as collateral and 4,742 BTC loaned to third parties as of 30 June. Adding 18,750 BTC to lender collateral pools deepens the exposure to margin-call mechanics.
Under both arrangements, MARA must maintain agreed loan-to-value ratios. If pledged BTC falls below specified thresholds, MARA must top up collateral or take other permitted action. Failure constitutes an event of default and would allow Coinbase or Two Prime to liquidate the pledged Bitcoin. The 10-Q does not disclose the exact margin-call price levels.
The Q2 filing also shows how volatile that collateral has been: MARA recorded a $342.7 million fair value loss on its BTC holdings in the quarter, broken down across its treasury ($249.3 million), lending ($47.9 million), and borrowing ($45.5 million) segments. The company also posted $611.3 million in net loss and $174.9 million in revenue for the quarter.
Long Ridge and the Broader Infrastructure Pivot
MARA has earmarked part of the loan proceeds for the cash consideration on its planned acquisition of Long Ridge Energy & Power, an Equity Purchase Agreement dated 29 April 2026 with seller FTAI Infrastructure Inc. (Nasdaq: FIP), per the associated SEC Form 8-K. The asset is a 505 MW combined-cycle gas plant in Hannibal, Ohio, with over 1,600 contiguous acres that MARA intends to develop for Bitcoin mining, AI infrastructure, and high performance computing, as set out in the MARA Long Ridge press release.
The transaction carries an enterprise value of approximately $1.5 billion, including up to roughly $900 million of assumed debt. FTAI expected the deal to close in Q3 2026, subject to regulatory approvals. MARA has a Barclays commitment for a 364-day senior secured bridge facility of up to $785 million as backstop financing for part of that assumed debt.
The stakes are concrete: MARA faces a $75 million termination fee if the Long Ridge acquisition does not close by 30 November 2026, with a potential extension to 30 June 2027 if certain regulatory conditions remain unresolved.
Meanwhile, total debt on MARA’s balance sheet has fallen from $3.6 billion at end-2025 to roughly $2.4 billion at 30 June, partly through BTC sales used to retire convertible notes. The Coinbase and Two Prime facilities reverse that direction. Whether BTC holds above the undisclosed margin-call levels between now and the Long Ridge close is the variable the rest of this trade depends on.
