MARA sold almost all its mined Bitcoin, then pledged 18,750 BTC for an AI dream with no disclosed safety net

MARA Holdings sold 2,213 Bitcoin during the second quarter, equal to 91.37% of the 2,422 BTC it mined, before adding $600 million of new borrowing secured by Bitcoin collateral to help finance its planned acquisition of Long Ridge, a power-generation site it aims to develop for AI and high-performance computing.

The company's quarterly filing shows that the new money sits inside $750 million of fully drawn facilities entered into on Aug. 4. Coinbase provided a $450 million facility, including $300 million of new borrowing and the refinancing of an existing $150 million loan. Two Prime provided a separate $300 million loan. MARA said the proceeds can fund general corporate purposes, including part of the cash consideration for Long Ridge.

MARA initially pledged 18,750 BTC across the two facilities. That Bitcoin collateral represents 52.7% of the 35,577 BTC it reported holding on June 30, although the comparison spans two different dates and does not establish how much Bitcoin remained unrestricted after the loans closed.

At quarter-end, MARA classified 26,307 BTC as unrestricted, 4,742 BTC as loaned and 4,528 BTC as pledged collateral. The latter two categories totaled 9,270 BTC. The company did not disclose how much of that Bitcoin collateral pool overlaps with the 18,750 BTC pledged on Aug. 4, so adding the two figures would double-count an unknown amount.

Both facilities require MARA to maintain sufficient Bitcoin collateral. A failure to restore collateral can become an event of default and allow the relevant lender to liquidate pledged Bitcoin. However, the filing does not disclose the numerical maintenance ratios, margin-call thresholds, cure periods, liquidation formulas or how the collateral is divided between lenders. That makes it impossible to calculate a Bitcoin price at which MARA would face a margin call or forced sale.

The Coinbase facility, secured by Bitcoin collateral, bears interest at the midpoint of the federal funds target range plus 3.875% and matures in August 2028, with an automatic one-year extension unless canceled. The Two Prime loan carries a 7.65% fixed rate and also matures in August 2028.

MARA 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. That mark-to-market loss is distinct from cash leaving the business. Separately, for the first half of 2026, MARA reported $471.3 million of net cash used in operating activities. The six-month cash-flow figure is not a direct reconciliation of the quarterly net loss.

Long Ridge also remains conditional. The Federal Trade Commission granted early termination of the transaction's antitrust waiting period on June 16, but MARA said on Aug. 6 that approval from the Federal Energy Regulatory Commission was still pending.

The acquisition agreement has a Nov. 30 outside date that may extend to June 30, 2027, if specified regulatory conditions remain unresolved. MARA could owe a $75 million termination fee in certain circumstances. Management has targeted at least one AI or high-performance-computing lease across its portfolio before year-end, but has not announced a signed Long Ridge tenant.

The financing gives MARA $600 million of new dollar liquidity for Long Ridge and other uses while placing 18,750 BTC in arrangements that require Bitcoin collateral. Because the post-closing unrestricted count remains undisclosed, its remaining Bitcoin headroom cannot be measured from the available figures.

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