Bitcoin-backed lending is entering its institutional era: Two Prime
Public companies are increasingly borrowing against their bitcoin holdings to fund acquisitions and capital spending without selling the asset.
Source: CoinDesk
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DW NOTE
MARA pledged 18,750 BTC — 53% of its holdings — to borrow $600 million for an Ohio gas plant. The loan is secured against $1.2 billion in collateral to fund an acquisition MARA could have paid for by selling 7,300 coins. This is not corporate finance, it's leverage cosplaying as conviction.