MARA Holdings Inc. (formerly known as Marathon Digital Holdings) just made one of the most significant corporate Bitcoin financing moves of 2026. The publicly listed miner secured $750 millio
MARA Holdings Inc. (formerly known as Marathon Digital Holdings) just made one of the most significant corporate Bitcoin financing moves of 2026.
The publicly listed miner secured $750 million in combined loan facilities through two term loans that closed on August 4, according to the company's quarterly SEC filing, collateralized entirely by 18,750 BTC worth approximately $1.2 billion at current prices.
However, only $600 million represents new borrowing. Coinbase Credit provided a $450 million facility, consisting of $300 million in fresh funding and the refinancing of MARA's existing $150 million credit line. Two Prime Lending separately provided a fully drawn $300 million term loan.
The 18,750 BTC pledged represents approximately 53% of MARA's total Bitcoin holdings.
Related: What happens to your money if dollar collapses? Michael Saylor has an answer
At current prices the loan-to-value ratio sits at roughly 50%, meaning MARA borrowed $600 million against $1.2 billion in Bitcoin.
That cushion sounds comfortable. The risk becomes real if Bitcoin declines substantially from current levels.
At a 50% LTV, a significant Bitcoin drawdown would compress the collateral value and could force MARA to either post additional Bitcoin as margin or reduce its loan position.
With more than half its holdings already pledged, the margin for error is thinner than the headline numbers suggest.
The proceeds are earmarked for energy infrastructure investment, not Bitcoin purchases. That is a notable shift.
Rather than using leverage to accumulate more Bitcoin in the style of Strategy, MARA is using its Bitcoin holdings as a balance sheet instrument to fund operational expansion.
This is what institutional Bitcoin treasury management looks like at scale. Bitcoin is no longer just an asset to be bought and held, it is collateral, a financing tool, a balance sheet instrument.
The 18,750 BTC pledged to Coinbase Credit and Two Prime Lending will not move. But their value changes every day.
With Bitcoin trading around $63,510 today, the cushion is adequate. The question is what happens if that number moves significantly in the wrong direction with 53% of your stack already spoken for.
