Douglas K. Mellinger sells 1,000 MARA shares via 10b5-1 plan

Rhea-AI Filing Summary

Douglas K. Mellinger, a director of MARA Holdings, Inc., sold 1,000 shares of common stock on 08/07/2025 at $16.21 per share. The Form 4 reports the sale was effected pursuant to a Rule 10b5-1 trading plan that the reporting person adopted on March 6, 2025, indicating the transaction followed a pre-established plan rather than a discretionary trade.

After the reported disposition, Mr. Mellinger is shown as beneficially owning 173,859 shares as direct ownership. The disclosure is limited to this single non-derivative sale and the plan explanation provided in the filing.

Insights

Securities Analyst

Director executed a Rule 10b5-1 sale of 1,000 shares; impact appears neutral.

The Form 4 shows a non-derivative sale of 1,000 shares at $16.21 on 08/07/2025, with 173,859 shares remaining beneficially owned. Because the sale was made under a Rule 10b5-1 plan adopted on March 6, 2025, it reflects a pre-arranged disposition rather than an ad hoc insider sale. The disclosure is concise and contains no additional transactions or derivative activity to suggest a material change in ownership or position.

Corporate Governance Expert

Use of a 10b5-1 plan reduces potential governance concerns; the sale size is modest.

The reporting person is identified as a Director, and the filing clarifies the sale was governed by a Rule 10b5-1 trading plan, which can mitigate concerns about opportunistic insider trading. The transaction quantity (1,000 shares) and the reported post-transaction holding (173,859 shares) are presented without indication of additional related-party transfers or changes in control, so this filing alone does not raise significant governance flags.

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).

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^*

MELLINGER DOUGLAS K

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/07/2025

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	08/07/2025		S(1)		1,000	D	$16.21	173,859	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 6, 2025.

	/s/ Zabi Nowaid, Attorney-in-Fact for Douglas K. Mellinger	08/08/2025
	** 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 activity was reported for MARA on this Form 4?

The Form 4 reports that director Douglas K. Mellinger sold 1,000 shares of MARA common stock.

At what price were the MARA shares sold in the reported transaction?

The report lists the sale price as $16.21 per share.

Was the sale part of a trading plan or a discretionary trade?

The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 6, 2025.

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

Following the reported transaction, the filing shows 173,859 shares beneficially owned (direct).

Who filed the Form 4 on behalf of the reporting person?

The Form 4 indicates it was signed by an attorney-in-fact acting for Douglas K. Mellinger, as shown in the filing.