Bitcoin-backed lending is entering its institutional era: Two Prime
MARA Holdings has secured $600 million in loans by pledging a significant portion of its bitcoin holdings as collateral, signaling a shift toward institutional-grade bitcoin-backed lending. This trend allows corporations to access capital for infrastructure and acquisitions without liquidating their digital asset positions.
Why it matters
The maturation of bitcoin-backed lending provides a new financial framework for public companies to leverage digital assets, potentially bridging the gap between traditional corporate finance and blockchain-based infrastructure.
MARA Holdings (MARA) provided one of the clearest examples this month, pledging 18,750 BTC to secure $600 million through two term loans from Coinbase Credit and Two Prime Lending.
The collateral, representing roughly 53% of Marathon’s bitcoin holdings at the time, was valued at approximately $1.2 billion when the transactions closed on Aug. 4.
MARA said it may use the proceeds for general corporate purposes , including its planned acquisition of Long Ridge Energy & Power. The Ohio gas-fired power plant could support both bitcoin mining and artificial-intelligence infrastructure.
The financing reflects a broader shift among corporate bitcoin holders. Rather than sell their tokens to raise cash, companies are increasingly using them as collateral.
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