MARA Holdings mined 2,422 Bitcoin in the second quarter and sold 2,213 of them. That’s 91.37% of everything it dug out of the ground, gone.
Then it turned around and pledged 18,750 BTC as collateral for new debt.
The pitch behind the borrowing is Long Ridge, a power-generation site MARA plans to acquire and develop for AI and high-performance computing. The financing is real, the numbers are disclosed, and the part that matters most to anyone holding the stock is missing.
The money arrived on Aug. 4, fully drawn
MARA’s quarterly filing shows $750 million of facilities entered into on Aug. 4, all of it drawn. Coinbase provided $450 million of that, which breaks down into $300 million of new borrowing plus a refinancing of an existing $150 million loan. Two Prime provided a separate $300 million loan.
Net new dollars: $600 million. MARA said the proceeds can fund general corporate purposes, including part of the cash consideration for Long Ridge.
The Coinbase facility is secured by Bitcoin collateral and bears interest at the midpoint of the federal funds target range plus 3.875%. It 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.
The collateral math doesn’t close
Here’s where the filing stops being useful. MARA initially pledged 18,750 BTC across the two facilities, which works out to 52.7% of the 35,577 BTC it reported holding on June 30.
But those are two different dates. The June 30 balance sheet tells you nothing about how much Bitcoin was unrestricted after the loans closed on Aug. 4.
At quarter-end, MARA classified 26,307 BTC as unrestricted, 4,742 BTC as loaned and 4,528 BTC as pledged collateral. Those last two add up to 9,270 BTC already spoken for.
And the company didn’t disclose how much of that 9,270 overlaps with the 18,750 BTC pledged in August. So you can’t add the figures. Try it and you’ll double-count an unknown amount of the same coins.
You cannot calculate the liquidation price. Nobody can.
Both facilities require MARA to maintain sufficient Bitcoin collateral. If it fails to restore that collateral, the shortfall can become an event of default and the relevant lender can liquidate the pledged Bitcoin.
That’s the whole disclosure. The filing doesn’t give the numerical maintenance ratios. It doesn’t give margin-call thresholds, cure periods or liquidation formulas. It doesn’t say how the collateral is split between Coinbase and Two Prime.
Without those, there’s no Bitcoin price you can point to and say that’s where MARA gets a margin call. The single number a leveraged Bitcoin position exists to be judged on isn’t in the document.
The quarter underneath the deal
MARA reported $174.9 million in second-quarter revenue against a $611.3 million net loss. A $342.7 million fair-value loss on Bitcoin sits inside that figure, and it’s a mark-to-market move, not cash walking out the door.
Cash did walk out, though, elsewhere. For the first half of 2026, MARA reported $471.3 million of net cash used in operating activities. That six-month number isn’t a direct reconciliation of the quarterly net loss, so don’t treat one as explaining the other.
Long Ridge isn’t a done deal yet
The Federal Trade Commission granted early termination of the transaction’s antitrust waiting period on June 16. Good sign. But on Aug. 6, MARA said approval from the Federal Energy Regulatory Commission was still pending.
The acquisition agreement carries a Nov. 30 outside date, which 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. It hasn’t announced a signed Long Ridge tenant.
What you’re actually looking at
Strip the story down and it’s a miner that converted nearly all its quarterly production into dollars, then borrowed $600 million more against the coins it kept, to buy a power plant it hopes to lease to AI companies it hasn’t named, pending a regulator that hasn’t ruled.
Every one of those steps might work. The 18,750 BTC sitting in arrangements that require maintained collateral is the part with no visible floor under it.
If you’re underwriting this position, the number to demand next is the post-closing unrestricted Bitcoin count. Until MARA publishes it, the company’s remaining headroom can’t be measured from anything it has put on paper, and every liquidation-risk estimate you read about MARA, including the reassuring ones, is a guess dressed up as arithmetic.
