MARA BTC-Backed Loans Fund Energy and AI Expansion
MARA has pledged 18,750 bitcoin as collateral to secure $600 million in new loans, using its treasury holdings rather than selling coins to fund an aggressive expansion...
MARA has pledged 18,750 bitcoin as collateral to secure $600 million in new loans, using its treasury holdings rather than selling coins to fund an aggressive expansion in energy capacity and AI infrastructure.
How MARA Structured the $600 Million BTC-Backed Loans
MARA disclosed in its August 6, 2026 quarterly filing that it entered into two bitcoin-backed term loan facilities on August 4, 2026 with Coinbase and Two Prime, according to the company’s 10-Q. For related coverage, see Cambridge Data Suggests Hydropower Is Now Bitcoin Mining's Top Energy Source.
The company said 18,750 bitcoin, carrying a fair value of approximately $1.2 billion, were pledged as initial collateral as of August 4, 2026. The move keeps MARA’s core bitcoin holdings on its balance sheet while unlocking debt against them. For related coverage, see Fintech Revolution Summit –Singapore 2026.
The two facilities provided $600.0 million of incremental borrowings while refinancing an existing $150.0 million Coinbase term loan, leaving $750.0 million fully drawn across the facilities. This is structured as leveraged borrowing, not a bitcoin sale.
Secondary reporting from CryptoSlate detailed the structure as a $450 million Coinbase facility and a separate $300 million Two Prime loan. MARA has not publicly disclosed maintenance collateral ratios, cure periods, or liquidation thresholds for the facilities, nor how the pledged coins are split between the two lenders.
Why MARA Is Directing the Capital Toward Energy and AI Infrastructure
MARA said the loan proceeds are expected to be used for general corporate purposes, including funding a portion of the cash consideration for its Long Ridge acquisition. The company’s Q2 2026 shareholder letter framed the borrowing as part of a strategy centered on scarce power assets for AI and digital infrastructure.
The Long Ridge deal, valued at approximately $1.5 billion, would add a 505 MW gas power plant and over 1 GW of total potential campus capacity, including line of sight to up to 600 gross MW of AI and Critical IT loads, the company said in its April 2026 release.
The financing fits a broader pattern in which MARA’s leadership has argued that AI power use can be more profitable than bitcoin mining. Securing owned, power-ready sites is central to that pivot toward higher-value compute workloads.
The acquisition is not MARA’s only power play. A July 9, 2026 release said a Matagorda County, Texas site could provide up to an initial 1 GW of grid capacity by October 2027 and up to 2 GW by April 2028 for HPC and bitcoin workloads, per the HIF agreement.
Together, the Long Ridge and Texas commitments point to a multi-site land grab for power capacity that the BTC-backed debt helps underwrite. That strategic emphasis on energy sourcing mirrors the industry shift documented in MARA and CleanSpark’s AI infrastructure pivot amid pressured mining revenue.
Leveraging treasury bitcoin rather than issuing equity or selling coins lets MARA preserve upside exposure while capitalizing power buildouts, echoing its executives’ repeated case that AI data centers can generate more revenue than mining.
Regulatory Timeline Still Open
The Long Ridge acquisition remains subject to regulatory approvals. The Hart-Scott-Rodino waiting period was terminated early on June 16, 2026, but Federal Energy Regulatory Commission approval was still pending as of August 6, 2026.
The deal carries an outside date of November 30, 2026, which may extend to June 30, 2027 if specified approvals remain unresolved. Bitcoin traded near $64,798 as MARA moved to lock in the collateral-backed capital.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
