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

Rhea-AI Filing Summary

MARA Holdings, Inc. Chief Executive Officer and director Fred Thiel reported a sale of company stock in a Form 4 filing. On 11/17/2025, he sold 27,505 shares of common stock at a price of $11.99 per share. After this transaction, he beneficially owned 3,582,994 shares of MARA common stock in direct form. The filing states that this sale was carried out under a pre-arranged Rule 10b5-1 trading plan adopted on May 28, 2025, which is designed to allow insiders to sell shares according to a set schedule.

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).

X

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^*

Thiel Frederick G

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/17/2025

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	11/17/2025		S(1)		27,505	D	$11.99	3,582,994	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 May 28, 2025.

	/s/ Zabi Nowaid, Attorney-in-Fact for Fred Thiel	11/19/2025
	** 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 MARA Holdings (MARA) report on this Form 4?

The Form 4 reports that Fred Thiel, Chief Executive Officer and director of MARA Holdings, Inc., sold 27,505 shares of MARA common stock.

On what date did the MARA Holdings (MARA) CEO sell shares and at what price?

The transaction occurred on 11/17/2025, and the 27,505 shares of MARA common stock were sold at a price of $11.99 per share.

How many MARA Holdings (MARA) shares does the reporting person own after the sale?

Following the reported sale, Fred Thiel beneficially owned 3,582,994 shares of MARA common stock, held with direct ownership.

Was the MARA Holdings (MARA) stock sale made under a Rule 10b5-1 plan?

Yes. The filing explains that the sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 28, 2025.

What is the relationship of the reporting person to MARA Holdings (MARA)?

The reporting person, Fred Thiel, is both a director and an officer of MARA Holdings, Inc., serving as its Chief Executive Officer.

Is this MARA Holdings (MARA) Form 4 filed by a single reporting person?

Yes. The Form 4 indicates that it is a Form filed by one reporting person, not a joint or group filing.