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 BTC in the second quarter, about 91% of the 2,422 BTC it mined. It then added $600 million of new Bitcoin-collateralized borrowing as part of $750 million in fully drawn facilities signed Aug. 4 to help finance its planned Long Ridge acquisition and other corporate uses. Coinbase provided a $450 million facility and Two Prime a $300 million loan, with MARA initially pledging 18,750 BTC as collateral. At June 30, MARA reported 35,577 BTC held, including 26,307 BTC unrestricted, 4,742 BTC loaned, and 4,528 BTC pledged, but the overlap with the new collateral was not disclosed. The filing also does not reveal maintenance ratios or liquidation thresholds, so a margin-call price cannot be calculated. Q2 revenue was $174.9 million and net loss was $611.3 million, driven partly by a $342.7 million fair-value loss on Bitcoin. Long Ridge still needs FERC approval, and the deal can run until June 2027 under certain conditions.
