Market › Corporate › MARA Holdings › mara_coinbase_2028

mara_coinbase_2028

Terms

Issuer

MARA Holdings, Inc.

Ticker

not stated

Type

credit facility

Rate policy

variable, indexed

Rate policy terms

Index	arithmetic average of the upper and lower bounds of the federal funds target range
Lender	Coinbase Credit, Inc.
Formula	arithmetic average of the upper and lower bounds of the target range for federal funds transactions, plus 3.875%
Extension	subject to an automatic one-year extension unless timely canceled by either party
Structure	floating
Spread %	3.875
Refinances usd	150000000
Margin call threshold	NOT DISCLOSED, and the absence now rests on a positive test rather than on a peer comparison. The filings establish that a threshold and a required collateral ratio exist, and state neither figure. Verified 2026-09-01 by exhaustive EDGAR full-text search over MARA's entire filing corpus (CIK 0001507605): "Coinbase Credit" returns ONE document, the 10-Q cited above, and "Two Prime" returns four - three 10-Qs and the Q2 2026 shareholder letter, all already cited here. MARA has filed NEITHER credit agreement as an exhibit, so no Item 1.01 8-K carries the level, and the 89 Item 1.01 8-Ks MARA has filed are about other matters. CORRECTED 2026-09-01 - this reason previously read that "Riot discloses the same structure and also withholds the level, so this is a market-wide disclosure gap rather than one issuer's omission". That is FALSE. Riot's Exhibit 10.1 publishes a complete LTV Table - Liquidation 80/75/70, Top Up 70/65/60, Initial 60/55/50, Release 50/45/40 across the three trigger regimes - now tabled row by row in corporate_collateral_observations with the clause quoted verbatim. This is ONE issuer's omission, and the peer comparison that excused it as an industry norm was simply not true.
Additional funding usd	300000000
Collateral maintenance	Bidirectional and quoted from SEC EDGAR accession 0001507605-26-000022 (10-Q, period 2026-06-30): "If the value of the collateral securing our borrowings fluctuates below or above a set threshold, the Company will be required to contribute additional collateral, or may withdraw excess collateral, as applicable, to maintain the agreed-upon level." And specifically: "If the value of posted collateral falls below the specified margin call limit, the Company must promptly post additional collateral or take such other action as may be available to the Company under the Coinbase Loan Documents to restore the required collateral ratio."
Weighted average scope	As filed in SEC EDGAR accession 0001507605-26-000020 (8-K, 2026-08-06), Exhibit 99.1 Q2 2026 Shareholder Letter: "a weighted average cost of debt of 7.56% for incremental borrowings under these facilities of $600.0 million". This is the BLENDED rate across BOTH facilities, not this facility's rate. Two Prime's 7.65% fixed leg is inside it. Do not read 7.56% as Coinbase's rate and do not solve for Coinbase's rate from it — that would publish a derived figure as an observed one.
Refinanced leg maturity change	SEC EDGAR accession 0001507605-26-000020 (8-K, 2026-08-06), Exhibit 99.1 Q2 2026 Shareholder Letter: "This borrowing, originally due in Q1 of 2027, will now mature in two years along with the incremental $600.0 million." The refinanced $150.0m leg's maturity moved out to match the new money.
Weighted average cost of debt %	7.56
Total incremental both facilities usd	600000000

Cumulative

not stated

Seniority rank

Maturity

2028-08-04

Liquidation preference

not stated

Outstanding

450,000,000 USD

Currency

USD

USD translation (issuer-filed)

not stated

Status

outstanding

Source for the seniority ranking

Secured. SEC EDGAR accession 0001507605-26-000022 (10-Q, period 2026-06-30): "In connection with these facilities, 18,750 bitcoin, with a fair value of approximately $1.2 billion, were pledged as initial collateral as of August 4, 2026, the closing date of both transactions." A pledge of identified collateral ranks this ahead of the unsecured Convertible Senior Notes.

Market

collecting (no market price is served for this instrument, so no yield, attachment point or coverage is derived)

Issuer bitcoin holdings

Holdings, read from a filing	26,307 BTC as of 2026-06-30 · 10-Q · 0001507605-26-000022 plus 9,270 BTC lent or pledged, not counted here What the filing says Quantity Cost Basis Fair Value Bitcoin 26,307 $ 1,889,537 $ 1,540,574 Bitcoin - receivable (1) 9,270

Valued in the payload at $82,161 as at 2026-10-15. Holdings and price carry different as-of dates and are not restated to a common one.

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As of 2026-10-14

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