Form 4: MARA CFO Sells Shares Under Pre-Arranged 10b5-1 Plan

MARA Holdings, Inc.'s Chief Financial Officer, Salman Hassan Khan, sold 34,732 shares of common stock for $11.99 per share on November 17, 2025, under a pre-arranged trading plan.

Summary

• Salman Hassan Khan, Chief Financial Officer of MARA Holdings, Inc., reported a sale of common stock.
• The transaction involved the disposition of 34,732 shares of common stock.
• The shares were sold at a price of $11.99 per share.
• The sale occurred on November 17, 2025.
• This transaction was executed pursuant to a Rule 10b5-1 trading plan, which was adopted by Mr. Khan on March 14, 2025.
• Following the reported transaction, Mr. Khan directly beneficially owns 1,251,650 shares of common stock.
• Additionally, Mr. Khan indirectly beneficially owns 283,298 shares through the S & N Khan Family Trust, where he and his spouse are trustees and immediate family members are sole beneficiaries.

Sentiment

Score: 4

Explanation: The sale of shares by a CFO, even under a pre-arranged 10b5-1 plan, is generally viewed as a neutral to slightly negative event. While the plan mitigates concerns about opportunistic selling, it still represents a reduction in insider ownership.

Negatives

• An insider sale, even under a 10b5-1 plan, represents a reduction in a key executive's direct equity stake in the company.

Industry Context

This filing details a routine insider transaction for a publicly traded company, which is a common occurrence across all industries. The use of a Rule 10b5-1 plan indicates a pre-scheduled sale, which is a standard practice for executives to manage their equity holdings while complying with insider trading regulations.

Related Party Transactions

• Indirect beneficial ownership of 283,298 shares is held through the S & N Khan Family Trust, where the reporting person and his spouse are trustees, and immediate family members are the sole beneficiaries.

Stakeholder Impact

• Shareholders may note the reduction in direct equity ownership by a key executive, though the pre-planned nature of the sale through a 10b5-1 plan typically lessens any negative interpretation.

Key Dates

Keywords

MARA Holdings, MARA, Salman Khan, CFO, Insider Trading, Form 4, Stock Sale, 10b5-1 Plan, Beneficial Ownership