Marathon Digital Holdings has pledged a portion of its bitcoin holdings as collateral under two new loans, according to its quarterly filings.

Loan structure and amounts

The company secured a loan of $450 million from Coinbase Credit and a separate loan of $300 million from Two Prime Lending.

Of the $450 million facility, $150 million was used to refinance an existing credit line, leaving $600 million in net new borrowing.

• $450 million — Coinbase Credit facility.
• $300 million — Two Prime Lending facility.
• $150 million — portion applied to refinance a prior line.

Collateral details and holdings

The loans are secured by 18 750 BTC posted as collateral, valued at about $1.2 billion at the time the transactions closed.

That amount represents almost 53% of the company's total holding of 35 577 BTC as reported on 30.06.

Interest on the facilities is set at annual rates of 7.5% and 7.65%, respectively.

Use of proceeds and downside protections

The company stated that proceeds will be used in part to acquire energy infrastructure, including the Long Ridge gas-fired plant rated at 505 MW in Ohio.

The financing agreements require MARA to provide additional collateral if the market price of bitcoin declines, and lenders retain the right to liquidate pledged assets in the absence of required top-ups.