MARA Sold $1.1 Billion in Bitcoin to Pay Off Its Loans: How Bitcoin-Backed Loans Actually Work
MARA Holdings sold 13,597 bitcoin for about $1.1 billion after its third quarter closed in 2026, using $750 million of it to fully repay two bitcoin-backed loans from Coinbase Credit and Two Prime. Here's how these loans work, why companies borrow against bitcoin instead of selling it, and what can go wrong.