Bitcoin-backed lending is entering its institutional era: Two Prime

The article says bitcoin-backed lending is maturing into an institutional financing tool, with companies increasingly borrowing against BTC instead of selling it to fund acquisitions and capital expenditure. A notable example is Marathon (MARA), which pledged 18,750 BTC to secure $600 million in term loans from Coinbase Credit and Two Prime Lending. The collateral was worth about $1.2 billion at closing, and the loan carries a fixed 7.65% rate through August 2028. The trend suggests growing lender confidence, larger and more customized facilities, and more sophisticated terms such as margin call and liquidation provisions. Market-wise, this supports the case for bitcoin as productive corporate treasury collateral and could deepen institutional adoption, even as BTC trades lower on the day.