MARA Holdings secured $600 million in new financing by pledging 18,750 bitcoins, worth approximately $1.2 billion, as collateral to Coinbase Credit and Two Prime Lending. This operation allows the company to maintain its bitcoin exposure while funding its growth, notably the acquisition of Long Ridge Energy & Power. Both agreements mature in August 2028, with rates of federal funds rate plus 3.875% and a fixed 7.65% respectively. This operation represents approximately 53% of the 35,577 bitcoins held by the company at the end of June, and marks the entry of bitcoin-collateralized lending into a new institutional phase.
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