SCHEDULE: Susquehanna Affiliates Disclose 4.9% Stake in MARA Holdings

A group of affiliated broker-dealers, including G1 Execution Services and Susquehanna entities, reported a collective 4.9% beneficial ownership in MARA Holdings, Inc. as of September 30, 2025.

Summary

• A group of affiliated entities, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group, and Susquehanna Securities, LLC (collectively, 'Reporting Persons'), reported beneficial ownership of 18,825,520 shares of MARA Holdings, Inc. common stock.
• This aggregate ownership represents 4.9% of MARA Holdings, Inc.'s outstanding common stock as of September 30, 2025, based on 378,601,057 shares outstanding as reported in the Company's Form 10-Q filed on November 4, 2025.
• The reported shares include a significant portion held as options to buy shares: Susquehanna Investment Group holds options for 1,188,900 shares, and Susquehanna Securities, LLC holds options for 15,940,300 shares.
• The filing is an Amendment No. 1 to a Schedule 13G, indicating a change from a previously reported beneficial ownership.
• The Reporting Persons certify that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of beneficial ownership by institutional investors and does not contain information that would significantly alter the company's fundamental outlook or operations. The reported percentage of 4.9% is just below the 5% threshold for initial 13G filings, but this is an amendment.

Positives

• The filing provides transparency regarding significant institutional ownership in MARA Holdings, Inc.
• The Reporting Persons certify that their acquisition and holding of securities are in the ordinary course of business and not for the purpose of changing or influencing control of the issuer, indicating a passive investment stance.

Negatives

• The filing does not explicitly state any negative aspects related to MARA Holdings, Inc.'s operations or financial performance. It is a disclosure of beneficial ownership.

Future Outlook

This filing does not provide forward-looking statements or guidance from MARA Holdings, Inc. It solely reports the beneficial ownership status of the reporting group.

Industry Context

This filing reflects the ongoing activity of institutional investors in publicly traded companies. The Susquehanna affiliated entities are known financial market participants, and their disclosure of a significant, albeit passive, stake in MARA Holdings, Inc. indicates continued institutional interest in the company's equity. The holding of a substantial portion of the stake in options is a common strategy for market makers and proprietary trading firms.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional holdings, which can influence market perception and liquidity. The passive nature of the investment, as certified, suggests no immediate threat of control change.
• Management: Awareness of significant institutional ownership, though the passive nature means no direct influence on day-to-day operations is intended.

Key Dates

Keywords

MARA Holdings, Beneficial Ownership, Schedule 13G, Institutional Investor, Susquehanna, G1 Execution Services, Common Stock, Equity Stake, SEC Filing, Broker-Dealer