MARA sold Q2 BTC, pledged 18,750 BTC to secure $600M loans

MARA Holdings sold 2,213 Bitcoin in the second quarter, equal to about 91% of the 2,422 BTC it mined in Q2. On Aug. 4 the company placed 18,750 BTC as collateral across two fully drawn facilities that together total $750 million, providing $600 million of new borrowing.

The financing arrangements include a $450 million facility from Coinbase that combines $300 million of new borrowing with the refinancing of a prior $150 million loan, and a separate $300 million loan from Two Prime. MARA’s filing states proceeds may be used for general corporate purposes, including part of the cash consideration for the planned acquisition and development of the Long Ridge power site for AI and high-performance computing tenants.

At June 30 MARA reported a total balance of 35,577 BTC. In the quarter-end breakdown the company listed 26,307 BTC as unrestricted, 4,742 BTC as loaned and 4,528 BTC as pledged collateral; those last two categories sum to 9,270 BTC. The company also identified 18,750 BTC as collateral for the Aug. 4 facilities, a figure the filing does not reconcile with the June 30 classifications, so the post-closing count of unrestricted Bitcoin is not disclosed.

Both facilities require MARA to maintain sufficient Bitcoin collateral and allow lenders to liquidate pledged coins if collateral is not restored after a shortfall. The filing does not disclose numerical maintenance ratios, margin-call thresholds, cure periods, liquidation formulas or how collateral is allocated between the two lenders, so it does not provide a specific Bitcoin price that would trigger a margin call or forced sale.

The Coinbase facility carries floating interest set at the midpoint of the federal funds target range plus 3.875% and matures in August 2028, with an automatic one-year extension unless canceled. The Two Prime loan is a fixed-rate instrument at 7.65% and also matures in August 2028.

MARA reported $174.9 million of revenue and a net loss of $611.3 million for the second quarter, which included a $342.7 million non-cash fair-value loss on its Bitcoin holdings. For the first half of 2026 the company reported $471.3 million of net cash used in operating activities. The filing separates mark-to-market losses from cash flows and does not present a single reconciled cash position after the new financing.

Regulatory clearances for the Long Ridge purchase remain incomplete. The antitrust waiting period ended early in mid-June, but approval from the Federal Energy Regulatory Commission remained outstanding as of Aug. 6. The acquisition agreement has an initial outside date of Nov. 30, 2026, which can extend to June 30, 2027 under certain regulatory conditions, and the company could owe a $75 million termination fee in specified circumstances. Management expects at least one AI or high-performance-computing tenant on its properties before year-end, but no Long Ridge lease has been announced.