Schedule 13G: Susquehanna entities disclose 19,297,219 MARA shares (5.3%)

Rhea-AI Filing Summary

Susquehanna-affiliated broker-dealers report a disclosed 5.3% stake in MARA Holdings. Four related entities—G1 Execution Services, SIG Brokerage, Susquehanna Investment Group and Susquehanna Securities—collectively report beneficial ownership of 19,297,219 shares of MARA common stock. The filing states the aggregate includes option positions: Susquehanna Investment Group reports options to buy 1,276,700 shares and Susquehanna Securities reports options to buy 17,125,400 shares. The reporting persons say they have shared voting and dispositive power over the aggregate amount and that the holdings were acquired in the ordinary course and not to influence control. The filing cites total shares outstanding of 362,337,906 for the company.

Positive

• Clear disclosure of a 5.3% beneficial stake in MARA totaling 19,297,219 shares.
• Filers explicitly report option positions (Susquehanna Securities: 17,125,400 options; Susquehanna Investment Group: 1,276,700 options), improving transparency.
• Reporting persons state holdings were acquired in the ordinary course and not to influence control, clarifying intent.

Negative

• Affiliated broker-dealers may be deemed a group, creating shared voting/dispositive power that could complicate assessments of who controls specific votes.

Insights

Securities Analyst

TL;DR: Affiliated Susquehanna entities disclose a passive 5.3% stake (19.3M shares), with most exposure represented by option positions.

The Schedule 13G shows an aggregate beneficial position of 19,297,219 shares, equal to 5.3% of the reported share count. Materially, significant portions of that position are documented as option holdings (including 17,125,400 options reported by Susquehanna Securities), indicating substantial derivative exposure rather than exclusively held stock. The filing is filed under passive/beneficial ownership rules and includes a joint filing agreement among affiliated broker-dealers. For investors, this is informative about concentration and potential option conversion risk but is presented as non-control, ordinary-course holdings.

Corporate Governance Expert

TL;DR: Group filing clarifies voting/dispositive arrangements and disclaims intent to change control; no activist intent indicated.

The report details that multiple affiliated broker-dealers may be deemed a group and that reporting persons assert shared voting and dispositive power over the aggregate 19,297,219 shares. The statement that holdings were not acquired to influence control and the inclusion of a joint filing agreement are governance-relevant disclosures that reduce ambiguity about intent. The filing does not show any request for board seats or control actions; it functions primarily as a transparency disclosure under securities rules.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

MARA Holdings, Inc.

(Name of Issuer)

Common Stock, $0.0001 par value per share

(Title of Class of Securities)

565788106

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 565788106

1

Names of Reporting Persons

G1 Execution Services, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 404.00
6	Shared Voting Power 19,297,219.00
7	Sole Dispositive Power 404.00
8	Shared Dispositive Power 19,297,219.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

19,297,219.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.3 %

12

Type of Reporting Person (See Instructions)

BD, OO

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers, which may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

CUSIP No. 565788106

1

Names of Reporting Persons

SIG Brokerage, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 18,253.00
6	Shared Voting Power 19,297,219.00
7	Sole Dispositive Power 18,253.00
8	Shared Dispositive Power 19,297,219.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

19,297,219.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.3 %

12

Type of Reporting Person (See Instructions)

BD, PN

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers, which may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

CUSIP No. 565788106

1

Names of Reporting Persons

Susquehanna Investment Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,276,700.00
6	Shared Voting Power 19,297,219.00
7	Sole Dispositive Power 1,276,700.00
8	Shared Dispositive Power 19,297,219.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

19,297,219.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.3 %

12

Type of Reporting Person (See Instructions)

BD, PN

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers, which may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

CUSIP No. 565788106

1

Names of Reporting Persons

Susquehanna Securities, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 18,001,862.00
6	Shared Voting Power 19,297,219.00
7	Sole Dispositive Power 18,001,862.00
8	Shared Dispositive Power 19,297,219.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

19,297,219.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.3 %

12

Type of Reporting Person (See Instructions)

BD, OO

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers, which may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: MARA Holdings, Inc.
(b)	Address of issuer's principal executive offices: 1010 South Federal Highway, Suite 2700, Hallandale Beach, FL 33009
Item 2.
(a)	Name of person filing: This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons" with respect to the shares of Common Stock, $0.0001 par value per share (the "Shares"), of MARA Holdings, Inc. (the "Company"). (i) G1 Execution Services, LLC (ii) SIG Brokerage, LP (iii) Susquehanna Investment Group (iv) Susquehanna Securities, LLC
(b)	Address or principal business office or, if none, residence: The address of the principal business office of G1 Execution Services, LLC is: 175 W. Jackson Blvd. Suite 1700 Chicago, IL 60604 The address of the principal business office of each of SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC is: 401 E. City Avenue Suite 220 Bala Cynwyd, PA 19004
(c)	Citizenship: Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(d)	Title of class of securities: Common Stock, $0.0001 par value per share
(e)	CUSIP No.: 565788106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The number of Shares reported as beneficially owned by Susquehanna Investment Group consists of options to buy 1,276,700 Shares. The number of Shares reported as beneficially owned by Susquehanna Securities, LLC includes options to buy 17,125,400 Shares. The Company's Quarterly Report on Form 10-Q, filed on July 29, 2025, indicates that there were 362,337,906 Shares outstanding as of June 30, 2025.
(b)	Percent of class: 5.3 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(ii) Shared power to vote or to direct the vote: The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(iii) Sole power to dispose or to direct the disposition of: The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

G1 Execution Services, LLC

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Secretary
Date:	08/13/2025

SIG Brokerage, LP

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Assistant Secretary
Date:	08/13/2025

Susquehanna Investment Group

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, General Counsel
Date:	08/13/2025

Susquehanna Securities, LLC

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Secretary
Date:	08/13/2025

Exhibit Information

EXHIBIT INDEX EXHIBIT DESCRIPTION ________ ________ 99 Joint Filing Agreement

FAQ

Who filed the Schedule 13G reporting ownership in MARA (MARA)?

G1 Execution Services, LLC; SIG Brokerage, LP; Susquehanna Investment Group; and Susquehanna Securities, LLC filed the Schedule 13G as the Reporting Persons.

How many MARA shares are reported as beneficially owned and what percent of the class is that?

The Reporting Persons disclose beneficial ownership of 19,297,219 shares, representing 5.3% of the outstanding class as reported in the filing.

Do the reported holdings include option positions?

Yes. The filing states Susquehanna Investment Group's amount includes options to buy 1,276,700 shares and Susquehanna Securities' amount includes options to buy 17,125,400 shares.

Do the reporting persons claim voting or dispositive power over the shares?

Yes. The filing reports both sole and shared voting and dispositive power figures and indicates the reporting persons have shared voting and dispositive power over the aggregate amount.

Were the shares reported as being acquired to influence control of MARA?

No. The filing includes a certification stating the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.