Of the 2,422 Bitcoin MARA Holdings mined in the second quarter, 2,213 went out the door. That is 91.37% of the quarter’s production, converted to cash.
Having done that, the company posted 18,750 BTC as collateral against fresh debt.
The justification for the borrowing is Long Ridge, a power-generation site MARA intends to buy and build out for AI and high-performance computing workloads. The loans exist, the terms are on paper, and the single item that matters most to a shareholder never appears.
The money arrived on Aug. 4, fully drawn
According to MARA’s quarterly filing, $750 million of facilities were entered into on Aug. 4 and drawn in full. Coinbase supplied $450 million of the total: $300 million in new borrowing, plus the refinancing of a $150 million loan already outstanding. A separate $300 million loan came from Two Prime.
That leaves $600 million in genuinely new dollars. Proceeds, MARA said, may go toward general corporate purposes, including a portion of the cash consideration for Long Ridge.
Bitcoin collateral secures the Coinbase facility, which prices at the midpoint of the federal funds target range plus 3.875% and matures in August 2028, extending automatically by a year unless canceled. The Two Prime loan is fixed at 7.65% and shares the same August 2028 maturity.
The collateral math doesn’t close
This is the point at which the filing stops being informative. The 18,750 BTC MARA initially pledged across the two facilities equals 52.7% of the 35,577 BTC it reported on its June 30 balance sheet.
Those figures, however, belong to two different dates. What the June 30 balance sheet cannot tell you is how much Bitcoin remained unrestricted once the loans closed on Aug. 4.
The quarter-end breakdown put 26,307 BTC in the unrestricted bucket, with 4,742 BTC out on loan and 4,528 BTC posted as pledged collateral — 9,270 BTC already committed between the two.
Nowhere does the company say how much of that 9,270 is the same Bitcoin as the 18,750 pledged in August. Adding the two totals is therefore off the table; do it anyway and you double-count an unknown quantity of identical coins.
You cannot calculate the liquidation price. Nobody can.
Sufficient Bitcoin collateral must be maintained under both facilities. Should MARA fail to top it back up, the shortfall can trigger an event of default, at which point the lender involved is free to liquidate the pledged Bitcoin.
That is the entirety of the disclosure. No numerical maintenance ratios appear in the filing. Neither do margin-call thresholds, cure periods or liquidation formulas — nor any indication of how the collateral is divided between Coinbase and Two Prime.
Absent all of that, there is no Bitcoin price anyone can identify as the level where MARA receives a margin call. The one number a leveraged Bitcoin position exists to be judged on is simply not in the document.
The quarter underneath the deal
Second-quarter revenue came in at $174.9 million, set against a net loss of $611.3 million. Buried in that loss is a $342.7 million fair-value hit on Bitcoin — a mark-to-market adjustment rather than cash leaving the business.
Cash did leave elsewhere, however. Across the first half of 2026, net cash used in operating activities totaled $471.3 million. Because that covers six months, it is not a direct reconciliation of the quarterly net loss, and neither figure should be read as explaining the other.
Long Ridge isn’t a done deal yet
On June 16 the Federal Trade Commission granted early termination of the antitrust waiting period covering the transaction — an encouraging development. Yet on Aug. 6, MARA disclosed that sign-off from the Federal Energy Regulatory Commission had still not come through.
An outside date of Nov. 30 governs the acquisition agreement, and it can stretch to June 30, 2027, if the specified regulatory conditions are still unresolved. In certain scenarios, a $75 million termination fee falls on MARA.
Management’s stated target is at least one AI or high-performance-computing lease somewhere in its portfolio before the year closes. No signed tenant for Long Ridge has been announced.
What you’re actually looking at
Reduced to its bones: a miner turned almost its entire quarterly output into dollars, then leveraged the coins it held back for another $600 million, in order to purchase a power plant it hopes to lease to AI companies it has not named, subject to a regulator that has not ruled.
Any one of those steps could pan out. What has no visible floor beneath it is the 18,750 BTC now locked inside arrangements that demand maintained collateral.
Anyone underwriting this position should be asking for one figure next: the post-closing unrestricted Bitcoin count. Until MARA discloses it, nothing the company has published allows its remaining headroom to be measured — which makes every liquidation-risk estimate circulating about MARA, the comforting ones included, a guess dressed up as arithmetic.