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MARA sells mined Bitcoin, then pledges 18,750 BTC for new borrowing

MARA raised $600 million in fully drawn, Bitcoin-collateralized facilities dated Aug. 4 to help finance its planned acquisition of Long Ridge.

Reported · Written up by our desk · Market Structure

MARA Holdings sold 2,213 Bitcoin during the second quarter, representing 91.4% of the 2,422 BTC it mined, then moved to secure new funding by pledging 18,750 BTC, according to CryptoSlate.

The company said its plan includes adding $600 million of new borrowing secured by Bitcoin collateral to support its planned acquisition of Long Ridge, a power-generation site MARA aims to develop for AI and high-performance computing.

CryptoSlate reports MARA placed the new financing inside $750 million of fully drawn facilities entered into on Aug. 4, including a Coinbase facility of $450 million with $300 million of new borrowing and refinancing of a $150 million loan, plus a $300 million loan from Two Prime.

The filing shows MARA disclosed collateral categories at quarter-end, but it did not explain whether the Aug. 4 pledged Bitcoin overlaps with a portion of its existing pledged collateral, limiting any clear calculation of future margin-call or forced-sale levels. MARA also reported $174.9 million in second-quarter revenue and a $611.3 million net loss, including a $342.7 million fair-value loss on Bitcoin, and said it used $471.3 million of net cash from operating activities for the first half of 2026.

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