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    3. This Bitcoin Giant Pledges 18,750 BTC to Secure $600 Million in New Loans

    This Bitcoin Giant Pledges 18,750 BTC to Secure $600 Million in New Loans

    By: rootdata|2026/08/11 07:00:00
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    Fortune favors the bold. MARA Holdings has pledged more than half of its Bitcoin treasury to finance a bet that has little to do with pure mining. On August 4, 2026, the Nasdaq-listed miner pledged 18,750 BTC to secure $600 million in new credit. Coinbase and Two Prime are sharing the bill. The target is not a traditional mining center; it is the Long Ridge energy site, which is ultimately capable of powering AI servers rather than rows of ASICs (the chips specialized in Bitcoin mining). Key points of this article: * MARA Holdings has pledged 18,750 BTC to secure a $600 million loan aimed at financing the acquisition of the Long Ridge energy site. * 54% of MARA's Bitcoin treasury is now locked up as collateral, reflecting a bold bet on the transition to AI and high-performance computing. On August 4, 2026, MARA Holdings formalized two credit facilities backed by its bitcoins, totaling $600 million in new loans within an overall envelope of $750 million. Coinbase provided $450 million, of which $150 million is used to refinance an existing loan. Two Prime completes the remaining $300 million. Both maturities fall in August 2028. This mechanism is common in corporate finance. The borrower deposits an asset as collateral to secure a better rate than an unsecured loan. The risk is real if the value of this asset falls below a certain threshold, which can trigger a margin call or forced liquidation. The relationship between MARA and Two Prime is not new. The manager was already handling part of the company's bitcoins in a yield strategy before this new round of funding. 54% of MARA's Bitcoin treasury is now under lock and key. The 18,750 BTC pledged were worth about $1.2 billion at the close of trading, according to Bitcoin.com News on August 5, 2026. Once the operation is completed, 54% of the company's Bitcoin treasury is locked up as collateral across all its combined credit facilities. The cushion is shrinking. This comes as MARA announced in its second-quarter results that its reserve had already been reduced to 35,577 BTC after a 29% year-on-year decline, with revenue down to $174.9 million for the period. The quarter even ended with a net loss of $611.3 million, of which $342.7 million was attributable to simple accounting adjustments on the value of the bitcoins held rather than a real cash outflow. Betting more than half of the remaining treasury on a single energy bet, in this context, amounts to playing without a safety net if the price of Bitcoin were to drop significantly. Long Ridge, 2 gigawatts for AI rather than Bitcoin. The bulk of the $600 million is to finance the acquisition of the Long Ridge energy site, with a potential capacity of 2 gigawatts. MARA aims to direct this power towards AI and high-performance computing (HPC), in addition to traditional energy infrastructure. The calculations are convincing. MARA's energized hashrate (the total computing power mobilized for mining) rose to 70.3 exahashes per second in the second quarter, up 22% year-on-year, but producing more computing power no longer guarantees the same revenues. Mining Bitcoin consumes electricity for revenue capped by network difficulty (an indicator that adjusts automatically to ensure blocks are found at regular intervals), while renting that same power to AI clients generates more income without depending on the BTC price. The operation remains subject to regulatory approvals, with a targeted closing date of November 30, 2026, extendable if necessary. MARA is not alone on this path. TeraWulf derives 27% of its revenue from AI and HPC, CleanSpark has secured 285 megawatts in Texas to build a dedicated campus, and the pivot of Bitcoin miners towards artificial intelligence is spreading across the entire sector. MARA has gone further than its peers by pledging more than half of its Bitcoin reserves on a single energy-real estate bet, with a repayment deadline set for August 2028.

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