MARA Holdings sold 2,213 BTC in the second quarter, equivalent to 91.37% of the 2,422 BTC mined, before adding $600 million in new borrowing secured by 18,750 BTC of collateral. The company obtained $450 million from Coinbase and $300 million from Two Prime to fund the acquisition of Long Ridge, a power-generation site intended for AI and high-performance computing. The pledged collateral represents 52.7% of the 35,577 BTC reported on June 30, but MARA did not disclose maintenance ratios or margin-call thresholds. The company posted a net loss of $611.3 million for the quarter, including a $342.7 million fair-value loss on Bitcoin, while the acquisition remains conditional on Federal Energy Regulatory Commission approval.
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