SCHEDULE: Susquehanna Affiliates Disclose 5.3% Stake in MARA

A group of Susquehanna-affiliated broker-dealers has disclosed a 5.3% passive ownership stake in MARA Holdings, Inc., totaling over 19 million shares.

Summary

• Four affiliated entities, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group, and Susquehanna Securities, LLC, collectively reported beneficial ownership in MARA Holdings, Inc.
• The aggregate beneficial ownership amounts to 19,297,219 shares of MARA Holdings, Inc. common stock.
• This stake represents 5.3% of the company's total outstanding shares.
• The reported ownership includes options to buy 1,276,700 shares for Susquehanna Investment Group and 17,125,400 shares for Susquehanna Securities, LLC.
• The ownership snapshot date for this filing is June 30, 2025.
• The shares were acquired and are held in the ordinary course of business, with no intent to change or influence the control of the issuer.

Sentiment

Score: 5

Explanation: The filing is a standard ownership disclosure (Schedule 13G) and does not contain information that would inherently indicate positive or negative sentiment regarding the issuer's performance or prospects. It merely reports a passive stake.

Positives

• A significant institutional group, Susquehanna affiliates, holds a substantial stake, indicating potential confidence in the company's long-term prospects.
• The filing explicitly states the shares are held in the ordinary course of business and not for influencing control, suggesting a passive investment without immediate activist pressure.

Negatives

• The passive nature of the investment (Schedule 13G) indicates no immediate intent from the reporting persons to influence management or strategic direction, which might be a missed opportunity for some investors seeking activist engagement.

Future Outlook

This filing is a disclosure of ownership and does not contain any forward-looking statements or guidance from MARA Holdings, Inc. or the reporting persons regarding the company's future performance or strategic direction.

Industry Context

This filing indicates a significant passive investment by a major financial group in MARA Holdings, Inc. It reflects ongoing institutional interest in publicly traded companies and is a routine disclosure for investors crossing the 5% ownership threshold.

Comparison to Industry Standards

• The 5.3% stake is a significant passive position, typical for institutional investors filing a Schedule 13G.
• The reporting persons are affiliated independent broker-dealers, which is a common structure for large financial groups to hold diversified positions across various public companies.

Stakeholder Impact

• Shareholders: Provides increased transparency regarding significant institutional ownership in the company.
• Company: No direct operational or strategic impact, as the disclosed stake is passive and not intended to influence control.

Key Dates

Keywords

MARA Holdings, Common Stock, Schedule 13G, Beneficial Ownership, Institutional Investor, Susquehanna, G1 Execution Services, SIG Brokerage, Susquehanna Investment Group, Susquehanna Securities