MARA secures $600M in Bitcoin-backed loans, pledges 18,750 BTC for AI and energy push

MARA Holdings borrowed $600 million against its Bitcoin treasury on August 4, 2026, pledging 18,750 BTC across two credit facilities to fund an aggressive push into artificial intelligence infrastructure and energy generation.

How the deal is structured

The $600 million in new borrowing sits inside a broader $750 million total facility arrangement. Coinbase provided $450 million, refinancing an existing $150 million loan in the process. Two Prime contributed the remaining $300 million. Both facilities mature in August 2028.

The 18,750 BTC pledged as collateral represents a significant chunk of MARA’s holdings. At the end of Q2 2026, the company held 35,577 BTC valued at roughly $2.1 billion, with Bitcoin averaging $58,524 during the quarter. Post-deal, approximately 54% of MARA’s Bitcoin treasury is now locked as collateral across its various facilities.

The primary target for these funds is the Long Ridge power-generation site acquisition. The site is projected to support up to 2 gigawatts of capacity, with MARA planning to direct that power toward AI and high-performance computing workloads alongside traditional energy infrastructure. The deal is subject to regulatory approvals, with a closing deadline of November 30, 2026, extendable if needed.

The earnings picture behind the borrowing

Two days after announcing the credit facilities, MARA released its Q2 2026 results. Revenue came in at $174.9 million for the quarter, while the company’s energized hashrate reached 70.3 exahashes per second, a 22% increase year-over-year. On the mining side, MARA produced 2,422 BTC during Q2 and sold 2,213 BTC, which works out to roughly 91% of its quarterly output.

The net loss figure is the harder number to sit with: $611.3 million for the quarter. Of that, $342.7 million came from fair-value adjustments on Bitcoin holdings rather than operational cash burn, which makes the loss partly an accounting artifact of mark-to-market rules.

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