MARA Holdings sold nearly all the Bitcoin it mined in the second quarter, then pledged 18,750 BTC as collateral for $600 million in new borrowing tied to its planned Long Ridge power-site acquisition. The filing doesn't show how that collateral overlaps with the Bitcoin MARA already listed as loaned or pledged at quarter-end, nor the price level that would trigger a margin call.
MARA raises $600 million against pledged Bitcoin
MARA Holdings sold 2,213 Bitcoin during the second quarter. That equaled 91.37% of the 2,422 BTC it mined, before it added $600 million of new borrowing secured by Bitcoin collateral. The financing helps fund MARA's planned acquisition of Long Ridge, a power-generation site the company aims to develop for AI and high-performance computing.
The new money sits inside $750 million of fully drawn facilities entered on Aug. 4. Coinbase provided a $450 million facility, including $300 million of new borrowing and the refinancing of an existing $150 million loan. Two Prime provided a separate $300 million loan. MARA said the proceeds can fund general corporate purposes, including part of the cash consideration for Long Ridge.
The collateral pool is clear, but headroom isn't
MARA initially pledged 18,750 BTC across the two facilities. That represents 52.7% of the 35,577 BTC it reported holding on June 30 — though the comparison spans two different dates and doesn't show how much Bitcoin remained unrestricted after the loans closed.
At quarter-end, MARA classified 26,307 BTC as unrestricted, 4,742 BTC as loaned and 4,528 BTC as pledged collateral, a combined 9,270 BTC. The company didn't disclose how much of that pool overlaps with the newly pledged coins, so adding the two figures together would double-count an unknown amount.
Margin-call threshold stays undisclosed
Both facilities require MARA to maintain sufficient Bitcoin collateral; a failure to restore it can trigger a default that lets the lender liquidate the pledged coins. Yet the filing withholds the maintenance ratios, margin-call thresholds, cure periods and liquidation formulas, so it's impossible to calculate the Bitcoin price that would force a call.
The Coinbase facility carries interest 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 carries a 7.65% fixed rate and matures the same month.
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 — a mark-to-market charge distinct from cash leaving the business. Separately, the company used $471.3 million in operating cash during the first half of 2026, a figure that doesn't directly reconcile with the quarterly net loss.
Long Ridge approval still pending
The Federal Trade Commission granted early termination of the deal's antitrust waiting period on June 16. But MARA said on Aug. 6 that Federal Energy Regulatory Commission approval remained pending. The agreement carries a Nov. 30 outside date that may extend to June 30, 2027 if specified regulatory conditions remain unresolved. MARA could owe a $75 million termination fee in certain circumstances.
Management has targeted at least one AI or high-performance-computing lease across its portfolio before year-end, but hasn't announced a signed Long Ridge tenant.
Source: MARA Holdings SEC filing
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