MARA Holdings Sells Majority of Mined Bitcoin, Pledges 18,750 BTC for AI Project

MARA Holdings has taken significant steps in its financial strategy by selling 2,213 Bitcoin during the second quarter, which accounts for 91.37% of the 2,422 BTC it mined. The company has also secured $600 million in new borrowing, backed by Bitcoin collateral, to finance its acquisition of Long Ridge, a power-generation site intended for AI and high-performance computing development.

According to the company's quarterly filing, this new funding is part of a larger $750 million facility that was fully drawn as of August 4. Coinbase has provided a $450 million facility, which includes $300 million in new borrowing alongside the refinancing of a previous $150 million loan. Additionally, Two Prime has contributed a separate $300 million loan.

MARA has pledged 18,750 BTC across these two financing facilities, representing 52.7% of the 35,577 BTC it reported holding as of June 30. However, the company has not disclosed how much of this collateral overlaps with its previously reported Bitcoin holdings, making it difficult to ascertain the exact amount of unrestricted Bitcoin remaining after the loans.

The terms of the financing agreements require MARA to maintain sufficient Bitcoin collateral, with the potential for liquidation of pledged Bitcoin if collateral levels fall below a certain threshold. Unfortunately, the filing lacks specific details regarding maintenance ratios and margin-call thresholds, leaving uncertainty about the Bitcoin price that could trigger a margin call.

MARA reported $174.9 million in revenue for the second quarter but also faced a net loss of $611.3 million, which included a $342.7 million fair-value loss on Bitcoin. The company has also indicated that it used $471.3 million in net cash for operating activities during the first half of 2026.

As for the Long Ridge acquisition, while the Federal Trade Commission has granted early termination of the antitrust waiting period, approval from the Federal Energy Regulatory Commission is still pending. The acquisition agreement has a deadline of November 30, which could extend to June 30, 2027, if regulatory conditions are not met.