Institutional demand for bitcoin-backed loans is growing as lenders offer larger, longer and more customized facilities, according to Two Prime. MARA’s recent $600 million financing illustrates how public companies are using BTC collateral to raise cash without selling their holdings.
Institutional demand for bitcoin-backed loans is growing as lenders offer larger, longer and more customized facilities, according to Two Prime. MARA’s recent $600 million financing illustrates how public companies are using BTC collateral to raise cash without selling their holdings.
Bitcoin-backed lending is becoming a more institutional market, with companies increasingly borrowing against BTC holdings to fund acquisitions and capital spending while keeping exposure to the asset, according to Two Prime. The trend was highlighted by MARA Holdings, which pledged 18,750 BTC to secure $600 million through two term loans from Coinbase Credit and Two Prime Lending.
Bitcoin-backed lending is becoming a more institutional market, with companies increasingly borrowing against BTC holdings to fund acquisitions and capital spending while keeping exposure to the asset, according to Two Prime. The trend was highlighted by MARA Holdings, which pledged 18,750 BTC to secure $600 million through two term loans from Coinbase Credit and Two Prime Lending.
The development matters because it gives corporate bitcoin holders another financing route beyond selling tokens. For companies with large BTC treasuries, collateralized borrowing can provide liquidity for business needs while preserving balance-sheet exposure to bitcoin, though such structures also come with margin, custody and liquidation terms.
MARA’s pledged collateral represented about 53% of its bitcoin holdings at the time and was valued at roughly $1.2 billion when the transactions closed on Aug. 4. The company said proceeds could be used for general corporate purposes, including its planned acquisition of Long Ridge Energy & Power, an Ohio gas-fired power plant that could support bitcoin mining and AI infrastructure.
Two Prime CEO Alexander Blume told CoinDesk that secured BTC loans are maturing as lenders develop longer-duration products, more bespoke terms and warehouse-line structures for institutional clients. Two Prime’s loan to MARA carries a fixed 7.65% interest rate and matures in August 2028.
The market is also becoming more structured. Recent filings cited by CoinDesk include detailed provisions for margin calls, collateral custody and liquidation, while lenders such as Ledn and Kraken have expanded activity through asset-backed securities and warehouse facilities tied to bitcoin collateral. As more public companies add bitcoin to their balance sheets, borrowing against those holdings is becoming a larger part of digital-asset corporate finance.
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