Form 4: MARA CEO Sells 27,505 Shares Under 10b5-1 Plan

MARA Holdings, Inc. CEO Frederick G. Thiel sold 27,505 shares of common stock at $10.80 per share on January 20, 2026, pursuant to a pre-arranged 10b5-1 trading plan.

Summary

• Frederick G. Thiel, Chief Executive Officer and Director of MARA Holdings, Inc., reported a sale of common stock.
• The transaction involved the disposition of 27,505 shares of MARA common stock.
• The shares were sold at a price of $10.80 per share.
• The sale occurred on January 20, 2026.
• Following this transaction, Thiel directly beneficially owns 3,517,566 shares of MARA common stock.
• The sale was executed under a Rule 10b5-1 trading plan that was adopted by the reporting person on May 28, 2025.

Sentiment

Score: 5

Explanation: The filing reports a routine, pre-planned insider sale under a Rule 10b5-1 plan, which is generally considered neutral as it does not reflect new discretionary trading decisions based on recent material non-public information.

Positives

• The sale was conducted under a Rule 10b5-1 trading plan, indicating a pre-scheduled transaction rather than an immediate reaction to new information.

Negatives

• An insider sale, even if pre-planned, reduces the CEO's direct equity stake in the company by 27,505 shares.

Risks

• Insider sales, even under 10b5-1 plans, can sometimes be perceived negatively by the market, potentially signaling a lack of confidence or a desire to diversify away from the company.

Future Outlook

na

Industry Context

na

Stakeholder Impact

• Shareholders may view the sale as a slight reduction in insider alignment, though this is mitigated by the fact that it was executed under a pre-established 10b5-1 plan.

Key Dates

Recommendation

The reported insider sale by CEO Frederick G. Thiel was conducted under a pre-established Rule 10b5-1 trading plan. Such plans are designed to allow insiders to sell shares without being accused of trading on material non-public information, as the plan is set up in advance. Therefore, this specific transaction is generally considered a routine event for diversification or liquidity purposes and does not typically signal a change in the company's fundamental outlook or warrant an immediate change in investment recommendation. Investors should continue to evaluate MARA based on its operational performance and broader market conditions.

Keywords

MARA Holdings, MARA, Frederick G. Thiel, CEO, Insider Sale, Form 4, 10b5-1 Plan, Common Stock, Beneficial Ownership