MARA Insider Sale: CFO Salman Khan Discloses 10b5-1 Trade

Rhea-AI Filing Summary

Salman Khan, Chief Financial Officer of MARA Holdings, Inc. (MARA) reported insider dispositions on a Form 4. The filing shows a sale of 34,732 shares of MARA common stock on 09/15/2025 at a price of $16.24 per share. After the reported transaction, the filing lists 318,428 shares beneficially owned indirectly through the S & N Khan Family Trust.

The Form 4 also records an additional disposition line showing 1,368,613 shares marked as disposed (D) in Table I. The sale of 34,732 shares was effected under a Rule 10b5-1 trading plan adopted on 03/14/2025. The reporting person and his spouse serve as trustees of the S & N Khan Family Trust, whose sole beneficiaries are members of the reporting person's immediate family. The form is signed by an attorney-in-fact on behalf of Salman Khan dated 09/17/2025.

Positive

• Sale of 34,732 shares clearly disclosed with price ($16.24) and date (09/15/2025).
• Transaction executed under a Rule 10b5-1 trading plan adopted 03/14/2025, indicating a pre-planned trade.
• Indirect beneficial ownership and family trust structure are explicitly disclosed (S & N Khan Family Trust).

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider sold 34,732 shares at $16.24 under a pre-established 10b5-1 plan; post-sale indirect ownership reported as 318,428 shares.

The reported sale of 34,732 shares at $16.24 per share on 09/15/2025 was executed pursuant to a Rule 10b5-1 trading plan adopted 03/14/2025, which indicates the transaction was pre-planned rather than opportunistic. The filing also lists a separate disposition entry of 1,368,613 shares

Corporate Governance Expert

TL;DR: Filing shows compliance with insider trading disclosure rules and use of a documented 10b5-1 plan; trusteeship of a family trust is disclosed.

The Form 4 appropriately discloses the reporting person's officer role

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
Estimated average burden
hours per response:			0.5

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

1. Name and Address of Reporting Person^*

Khan Salman Hassan

(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)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

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	09/15/2025		S(1)		34,732	D	$16.24	318,428	I(2)	By S & N Khan Family Trust
Common Stock								1,368,613	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. The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 14, 2025.

2. The reporting person and his spouse are trustees of the S & N Khan Family Trust, and members of the reporting person's immediate family are the sole beneficiaries of the trust.

	/s/ Zabi Nowaid, Attorney-in-Fact for Salman Khan	09/17/2025
	** 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 transaction did Salman Khan report on Form 4 for MARA?

The Form 4 reports a sale of 34,732 shares of MARA common stock on 09/15/2025 at $16.24 per share and lists post-transaction indirect ownership of 318,428 shares.

Was the MARA insider sale by Salman Khan executed under a 10b5-1 plan?

Yes. The filing states the sale of 34,732 shares was effected pursuant to a Rule 10b5-1 trading plan adopted on 03/14/2025.

What is the nature of Salman Khan's ownership in MARA according to the Form 4?

The Form 4 indicates indirect ownership through the S & N Khan Family Trust; the reporting person and his spouse are trustees and immediate family are sole beneficiaries.

Does the Form 4 show any other dispositions by Salman Khan?

The filing includes a separate line in Table I showing 1,368,613 shares marked as disposed (D); no price or additional details for that line are provided in the document.

When was the Form 4 signed and by whom?

The Form 4 is signed by Zabi Nowaid, Attorney-in-Fact for Salman Khan and dated 09/17/2025.