[Form 4] MARA Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

MARA Holdings (MARA) General Counsel reported insider transactions on 11/06/2025 and 11/10/2025.

Open‑market sales totaled 30,000 shares: 4,887 at a weighted average price of $16.70 (range $16.43–$17.01), 25,023 at $15.87 (range $15.57–$16.56), and 90 at $16.58.

The filer also had 4,240 shares withheld to cover taxes upon RSU vesting. Following these events, directly held common shares were 723,136.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Nowaid Zabi

(Last) (First) (Middle)

C/O MARA HOLDINGS, INC.

1010 SOUTH FEDERAL HIGHWAY, SUITE 2700

(Street)

HALLANDALE BEACH FL 33009

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MARA Holdings, Inc. [ MARA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
11/06/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/06/2025		S		4,887(1)	D	$16.7(2)	752,489	D
Common Stock	11/06/2025		F		4,240(3)	D	$17.81	748,249	D
Common Stock	11/10/2025		S		25,023(1)	D	$15.87(4)	723,226	D
Common Stock	11/10/2025		S		90(1)	D	$16.58	723,136	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This sale was effected for the purpose of satisfying the reporting person's tax obligations.

2. Reflects weighted average sale price. Actual sale prices ranged from $16.43 to $17.01. The reporting person provided the issuer, and will provide any security holder of the issuer or member of the SEC staff, upon request, full information regarding the number of shares sold at each separate price.

3. Reflects shares of the issuer's common stock withheld to cover the reporting person's tax liability in connection with the vesting of restricted stock units. This transaction was not an open market sale by the reporting person.

4. Reflects weighted average sale price. Actual sale prices ranged from $15.57 to $16.56. The reporting person provided the issuer, and will provide any security holder of the issuer or member of the SEC staff, upon request, full information regarding the number of shares sold at each separate price.

	/s/ Zabi Nowaid	11/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did MARA (MARA) report?

The General Counsel reported open‑market sales totaling 30,000 shares on 11/06/2025 and 11/10/2025, plus 4,240 shares withheld for taxes upon RSU vesting.

How many MARA shares does the insider hold after these trades?

Following the reported transactions, directly held common shares were 723,136.

At what prices were the MARA shares sold?

Sales included 4,887 shares at a weighted average of $16.70 (range $16.43–$17.01), 25,023 at $15.87 (range $15.57–$16.56), and 90 at $16.58.

Were any transactions for tax-related purposes?

Yes. Each sale was noted as for satisfying tax obligations, and 4,240 shares were withheld to cover taxes upon RSU vesting (not an open‑market sale).

What is the reporting person’s role at MARA Holdings?

The reporting person is an officer, serving as General Counsel.

What transaction codes were used in the Form 4?

Codes reported were S for open‑market sales and F for shares withheld for taxes upon RSU vesting.