MARA Holdings
Takes as collateral: bitcoin
Dollar loans only: other currencies are separate books, never added in
Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.
- BTC held (issuer filings) — bitcoin the issuer holds and reports, not collateral pledged to its creditors: there is no lien on it.
- Dollar debt against bitcoin — registered debt financed by bitcoin the issuer holds — no lien on the coins, so not debt secured by them.
- Debt / BTC held — registered debt over the value of the bitcoin held — not an LTV: there is no lien.
10 of 10 criteria researched. What the criteria are →
Markets — as served, not a venue rate
One row per market, as the venue publishes them. These are market rates: combining them into a single venue rate is a weighting across this venue's markets, and choosing one here would be a methodology decision taken in a web page.
No BTC market rows are served for this venue. This venue runs no contracts, so there is no market state to read — the absence is a property of the venue class, not a gap.
Price
What does credit cost here, and how is the price formed?
| Rate formation | administeredsourceCorporate paper: the rate is set by the issuer and its counterparties at issue, or by the board — administered. Each facility's rate was negotiated with its lender; the floating leg follows the federal funds target range. |
|---|---|
| Term structure | fixed_termsourceMARA Holdings — every registered instrument has a maturity: the facilities in August 2028 (Coinbase's "subject to an automatic one-year extension unless timely canceled by either party"), the convertible notes from 2026-12-01 to 2032-08-01, several with holder put dates before maturity. |
| Rate certainty | fixed_at_originationsourceMARA Holdings — the convertible notes are fixed (0% to 2.125% stated) and the Two Prime facility is fixed at 7.65% (SEC EDGAR accession 0001507605-26-000022 (10-Q, period 2026-06-30)). ⚠ The Coinbase facility FLOATS: "the arithmetic average of the upper and lower bounds of the target range for federal funds transactions, plus 3.875%". Its size is not separately stated, so which part is larger by amount is not established; the fixed instruments are the greater number and the known amounts. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | undisclosedsourceMARA Holdings — the two bitcoin-secured term facilities (Coinbase Credit, Two Prime) are margined on the value of the pledged bitcoin (SEC EDGAR accession 0001507605-26-000022 (10-Q, period 2026-06-30): "If the value of posted collateral falls below the specified margin call limit, the Company must promptly post additional collateral"). Whose price sets that value is not in any filing: MARA has filed neither credit agreement as an exhibit (EDGAR full-text search, 2026-09-01). The 5 convertible notes are unsecured and depend on no price. |
|---|---|
| Default & liquidation | thresholdsourceMARA Holdings — the secured facilities carry a margin-call limit and a required collateral ratio, in both directions: "the Company will be required to contribute additional collateral, or may withdraw excess collateral, as applicable, to maintain the agreed-upon level" (SEC EDGAR accession 0001507605-26-000022 (10-Q, period 2026-06-30)). ⚠ The filings establish that the threshold exists and state neither figure. Riot, borrowing from the same lender, publishes its whole table; MARA does not. The convertible notes have no collateral and no liquidation. |
| Custody & backing | undisclosedsourceMARA Holdings — 18,750 BTC were "pledged as initial collateral as of August 4, 2026" for the two facilities (SEC EDGAR accession 0001507605-26-000022 (10-Q, period 2026-06-30)). Who holds the pledged coins, and whether the lenders may reuse them, is not in the filings read. ⚠ Separately, 9,270 BTC are a receivable — lent to counterparties and not in the company's possession. |
| Recourse | recoursesourceMARA Holdings — the convertible notes are general obligations of the company ("Convertible Senior Notes", SEC EDGAR accession 0001507605-26-000022 (10-Q, period 2026-06-30), Note 13), ranking behind the secured facilities to the extent of the pledged bitcoin. Whether the facility lenders have a claim beyond the pledged collateral was not read: neither credit agreement is filed. |
| Track record | 1 month observedsourceDerived from credit_venues.first_date (2026-08-08), the day the issuer's instruments were first registered here from its filings. This is a LOWER BOUND on the venue's age, not the age itself: a venue trading long before we began reading it reads short here. Not typed, and not a claim about the venue's longevity. |
Composition
Who and what makes up this market?
| Collateral accepted | BTC pledged (18,750) to two term facilities; the notes are unsecuredsourceCorporate registry (registry/corporate_registry.yaml), as served 2026-09-30. "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" (SEC EDGAR accession 0001507605-26-000022 (10-Q, period 2026-06-30)), against 26,307 BTC held at 2026-06-30 (a further 9,270 lent out as a receivable). Registered debt $2.60bn at 2026-08-04: $2.30bn of it unsecured convertible notes with no claim on the coins. |
|---|---|
| Book depth & concentration | unknown (no per-venue counterparty count exists in this registry or in the comparison payload, so depth and concentration cannot be established. This is a gap in THIS DATASET, not in the venue, and is a different value from `undisclosed`, which would mean the venue does not publish it.) |
| Observability | price: none — Convertible notes and secured debt sourced from filings. Slow-moving and partly manual; no ingestion built. Included in the registry despite holding nothing because this is the largest tranche of Bitcoin-collateralised credit by notional and nobody aggregates it — an empty row that names the gap is the point. quantity: none — Convertible notes and secured debt sourced from filings. Slow-moving and partly manual; no ingestion built. Included in the registry despite holding nothing because this is the largest tranche of Bitcoin-collateralised credit by notional and nobody aggregates it — an empty row that names the gap is the point. composition: none — Convertible notes and secured debt sourced from filings. Slow-moving and partly manual; no ingestion built. Included in the registry despite holding nothing because this is the largest tranche of Bitcoin-collateralised credit by notional and nobody aggregates it — an empty row that names the gap is the point. |
What the loans are denominated in
| Borrowed in | Assets | Size (USD equivalent) | In the loan asset | Read by |
|---|---|---|---|---|
| US dollars | mara_aug2032, mara_coinbase_2028, mara_dec2026, mara_jun2031… | $3.05bn | — | issuer filings, 2026-08-04 |
Each currency is a separate book; the dollar equivalents compare sizes and are never added together.
Backing chain
Each link from what this venue takes as collateral down to the bitcoin it rests on, in order, with how each link was established.
How a chain is read, and what it does not claim
backing_chain: the ordered claims standing between a creditor and the coins, each link derived from a sourced fact already held and carrying it in `derived_from` — the custody cell, the venue's borrow card, or wrapper_registry.yaml for who holds the bitcoin behind a token. A `representation` link has one branch per token the venue takes; branches are alternatives, not a sequence. A link nobody has established is shown with status `incomplete` and names what is missing — it is never dropped, because a missing link omitted makes a long chain look short. `undisclosed` means the party does not publish it; `incomplete` means this dataset has not established it. NEVER SCORED AND NEVER COUNTED: no length, link count or ranking is published, and none should be derived — chain length and link transparency are orthogonal (ETP-backed margin is the longest chain here and every link of it is regulated). `recourse` is what the creditor holds beyond the chain. ⚠ Tokens are identified BY SYMBOL: the wrapper registry is not keyed by chain or address, so every `representation` link carries a `deployment` step that is incomplete — whether a token is native to the chain of the venue or a bridge receipt (one more link) is not established — and a symbol the registry knows to name a different token on a venue is shown unresolved, not given that wrapper's holders.
- issuer established — the issuer's balance sheetnone_issuer — no lien on any coin
source
venue_type · corporate_debtcorporate class → none_issuer
none_issuer (§6.1): no claim on coins. Corporate paper is financed BY bitcoin on the issuer's balance sheet, never backed by it in the collateral sense — unsecured: true.
source
The generic axis set
Identical for every venue, identically computed. An axis that cannot be computed here renders its reason — never silently omitted, because an omitted axis says it was not considered. A figure that covers only part of what the axis asks is marked, with what it leaves out beneath it. Collateral, debt and the borrow and lend rates are the tiles at the top of this page.
| Utilisation (venue roll-up) | not applicable — there is no pool of deposits here to be drawn |
|---|---|
| Intermediation margin | unknown (not published by the venue) — needs both a borrow and a lend rate; the borrow rate is not served here |
| Trailing realised average (7/30/90d) | unknown (not published by the venue) — a posted or filed rate has no daily series here |
| Rate volatility (30/90d) | unknown (not published by the venue) — a posted or filed rate has no daily series here |
| Spread to the pair aggregate | unknown (not published by the venue) — this venue has no borrow rate to compare |
| Spread to matched Treasuries | unknown (not published by the venue) — this venue has no borrow rate to compare |
| Origination flow | unknown (not published by the venue) — the venue publishes no loan-by-loan flow |
| Repayment flow | unknown (not published by the venue) — the venue publishes no loan-by-loan flow |
| Aggregate and distributional LTV | 141.7% · analogue registered debt over the value of the bitcoin held — not an LTV: there is no lien; the aggregate only — no distribution is read here SEC EDGAR filings |
| Residence distribution | unknown (not published by the venue) — the venue publishes no loan durations |
| Liquidation incidence | not applicable — no lien, so nothing is liquidated |
| Top-10 concentration share | unknown (not published by the venue) — the venue publishes no borrower distribution |
There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.
Access routes
Unknown (not surveyed yet). No one has looked for an MCP server for this venue. That is not the same as having looked and found none, and this row will not say the second while meaning the first. The listing criteria are published.
Instruments issued
| Instrument | Type | Status |
|---|---|---|
| mara_coinbase_2028 › | credit facility | outstanding |
| mara_twoprime_2028 › | credit facility | outstanding |
| 1% Convertible Senior Notes due 2026 › | convertible note | outstanding |
| 0% Convertible Senior Notes due 2032 › | convertible note | outstanding |
| 2.125% Convertible Senior Notes due 2031 › | convertible note | outstanding |
| 0% Convertible Senior Notes due 2030 › | convertible note | outstanding |
| 0% Convertible Senior Notes due 2031 › | convertible note | outstanding |
In the order the dataset carries them, not ranked. Every instrument →
Ask for this by machine
| REST | GET https://api.bitcoincreditstack.com/v1/market/venues/corp_marathon |
|---|---|
| MCP | get_venue({ venue_id: "corp_marathon" }) get_venue({ venue_id: "corp_marathon", include: ["axes", "headline"] }) |
The same figures, the same names and dates. Connect your AI →
How this venue compares depends on what you'd borrow, for how long, against what. That's a question for your AI, with this data behind it.
https://mcp.bitcoincreditstack.com/mcp