Overview
- MARA drew $600 million on Aug. 4 by tapping a $750 million credit package and pledging 18,750 BTC as collateral to secure near‑term liquidity.
- The financing sits inside a $750 million facility with Coinbase and Two Prime providing the loans and both facilities maturing in August 2028.
- The pledged 18,750 BTC equals roughly half of MARA’s reported June 30 holdings, leaving about 35,577 BTC on hand and roughly 54% of the treasury encumbered after the deal.
- MARA’s Aug. 6 quarterly report showed operational scale — $174.9 million in revenue, 70.3 EH/s energized hashrate, and 2,422 BTC produced — alongside a $611.3 million net loss driven mainly by $342.7 million in Bitcoin fair‑value adjustments.
- Proceeds are earmarked to help buy and develop the Long Ridge power site for AI and high‑performance computing, but the purchase requires regulatory approvals, a Nov. 30, 2026 closing deadline, and exposes MARA to execution and margin‑call risks if Bitcoin prices fall.