The 18,750 BTC pledged were worth roughly 1.6 times the $750 million combined facility principal at closing. Before these facilities, MARA had 4,528 BTC pledged as collateral. The new pledge represents roughly 53% of the 35,577 BTC MARA held as of June 30. MARA must maintain required collateral levels, and failure to meet a margin call allows lenders to liquidate the pledged coins. Coinbase Credit and Two Prime are pricing BTC-backed paper at 7.5%, 7.65% for a company with a $1.2 billion collateral pool.