Bitcoin miner enters fully drawn facilities with undisclosed margin thresholds
MARA Holdings pledged 18,750 Bitcoin as collateral across $750 million in fully drawn borrowing facilities from Coinbase and Two Prime on August 4, financing its acquisition of the Long Ridge power generation site. The collateral represents 52.7% of the company’s reported Bitcoin holdings as of June 30.
The Coinbase facility totals $450 million, comprising $300 million in new borrowing and $150 million in refinanced existing debt. The Two Prime loan adds $300 million at a fixed 7.65% rate. The Coinbase tranche carries a floating rate set at 3.875% above the federal funds midpoint and matures in August 2028 with an automatic one-year extension unless canceled. Both facilities mature August 2028.
MARA mined 2,422 Bitcoin in the second quarter and sold 2,213 of them, equal to 91.37% of quarterly production. At quarter-end on June 30, the company reported 35,577 Bitcoin in holdings, with 26,307 classified as unrestricted, 4,742 loaned, and 4,528 pledged as collateral.
The filing does not disclose maintenance ratios, margin-call thresholds, cure periods, or liquidation formulas. MARA did not specify the Bitcoin price at which the company would face a margin call or forced asset sale, nor did it disclose how much unrestricted Bitcoin remained after the August 4 facilities closed. The filing also does not clarify whether the 18,750 BTC pledged on August 4 overlaps with the 4,528 BTC already classified as pledged collateral at quarter-end, making a precise post-closing unrestricted Bitcoin count impossible to calculate from public disclosures.
Proceeds can fund general corporate purposes including part of cash consideration for Long Ridge. The Federal Trade Commission granted early termination of the antitrust waiting period on June 16. The Federal Energy Regulatory Commission approval remained pending as of August 6. The acquisition agreement carries a November 30 outside date, with potential extension to June 30, 2027 if regulatory conditions remain unresolved.
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 holdings. The company used $471.3 million in net cash for operating activities in the first half of 2026.
Management targeted at least one artificial-intelligence or high-performance-computing lease before year-end but has not announced a signed tenant for Long Ridge. A $75 million termination fee applies in certain circumstances.
