MARA Stock Today (November 25, 2025): Compass Point Upgrade, Insider Selling and Bitcoin Volatility Shape Marathon Digital’s Outlook

Marathon Digital’s rebranded parent, MARA Holdings, Inc. (NASDAQ: MARA), continues to trade like a levered bet on Bitcoin and high‑performance computing – and today is no exception.

As of the latest quote on November 25, 2025, MARA stock is trading around $10.99, down roughly 2% on the day. The stock has moved between about $10.64 and $11.25 in today’s session, with roughly 17 million shares changing hands, underscoring its status as one of the more volatile names in the crypto‑equity space.

That price leaves MARA only a few dollars above its 52‑week low of $9.71 and far below its 52‑week high near $30.28. At recent levels, the company’s market capitalization sits around $4.2 billion, with a trailing P/E ratio near 10 and an eye‑popping beta of about 6.4, highlighting how sharply the stock tends to move relative to the broader market. ^[1]

Below is a breakdown of what’s driving MARA stock today, and how the latest news, earnings and Bitcoin backdrop fit together.

MARA Stock Price Today: Deep in a Drawdown Despite a Small Rebound

Even with today’s modest pullback, MARA is bouncing off extremely depressed levels:

An analysis published this week notes that MARA shares have fallen nearly 48% over the past month, with the stock down over 60% over the last year, even after large multi‑year gains. ^[2]
Another update on today’s Compass Point rating change highlights that MARA is trading just above its 52‑week low and has dropped more than 61% in the past year. ^[3]

Technically, the stock is still in a clear downtrend, with its 50‑day simple moving average around $17.33 and its 200‑day average near $16.57, both well above the current share price. ^[4]

In other words: despite a small bounce off the lows in recent sessions, MARA remains a “falling knife” on many charts, which helps explain why short‑term traders are cautious even as some value‑oriented analysts are starting to look more interested.

The Big Headline Today: Compass Point Upgrades MARA to “Buy”

The most notable catalyst for MARA stock on November 25, 2025 is a fresh rating upgrade from Compass Point:

Compass Point raised its rating on MARA from Neutral to Buy, maintaining a $30 price target – nearly three times the current share price. ^[5]
The report argues that the recent sell‑off linked to Bitcoin’s retrace has overshot fundamentals, leaving MARA trading near the value of its Bitcoin per share and assigning very little value to its mining fleet and energy infrastructure. ^[6]

According to the note:

At Friday’s close, MARA’s market cap was only about 87% of the value of its Bitcoin holdings per basic share, effectively discounting its 60.4 EH/s mining capacity and 1.8 GW of energy capacity. ^[7]

If you compare Compass Point’s $30 target against today’s $10.99 price, you’re looking at an implied upside of roughly 170%, at least on paper.

However, not all analysts are this bullish:

The consensus price target compiled by MarketBeat sits closer to $23.50, still implying more than 100% upside from current levels but well below Compass Point’s figure. ^[8]
Other firms, like JPMorgan, Cantor Fitzgerald and Rosenblatt, have recently cut their targets while maintaining Overweight or Buy ratings, reflecting optimism about the long term but recognition that near‑term volatility and execution risk remain high. ^[9]
On the more cautious side, services such as TipRanks currently rate the stock “Neutral”, with some models pegging fair value around $11, only a modest premium to today’s price. ^[10]

The bottom line: Wall Street is split. Some see MARA as deeply undervalued relative to its Bitcoin and infrastructure assets; others see a stock that deserves a heavy discount because of its volatility and execution risk.

Institutional Buying vs. Insider Selling: Mixed Sentiment Signals

Today’s trading also comes in the context of conflicting ownership signals.

New Institutional Stake: XTX Topco

A new filing highlighted that XTX Topco Ltd acquired 307,172 MARA shares in the second quarter, worth roughly $4.8 million, giving the fund about 0.08% ownership of the company. ^[11]

MarketBeat’s breakdown shows:

Major institutional investors like American Century have also recently added to positions, with the firm now holding nearly 6.8 million shares (over $100 million at recent prices).
In total, hedge funds and other institutional investors control around 44.5% of MARA’s outstanding shares. ^[12]

That level of institutional participation suggests that while the stock is volatile and speculative, it is not a pure retail trading vehicle.

Insider Sales: CFO and General Counsel Trim Positions

Balancing the institutional buying, company insiders have been net sellers:

CFO Salman Hassan Khan sold 34,732 shares on November 17, 2025 at an average price of $11.99, for proceeds of about $416,000. The sale was executed via a Rule 10b5‑1 trading plan adopted in March, and his family trust still holds more than 283,000 shares, while he personally holds about 1.25 million shares. ^[13]
According to MarketBeat’s tally, insiders have sold roughly 234,600 shares worth about $3.9 million over the last three months, and insiders in total own about 0.8% of the company. ^[14]

Insider selling under a pre‑planned program does not automatically signal bearishness, but when combined with a steep price decline, it can make some investors more cautious.

Q3 2025 Earnings: Record Revenue and Bitcoin‑Powered Profitability

Much of today’s valuation debate stems from MARA’s third‑quarter 2025 earnings, released on November 4.

According to the company’s own press release and follow‑up coverage: ^[15]

Revenue surged 92% year‑over‑year to about $252 million, driven largely by higher average Bitcoin prices and increased production.
Net income swung to roughly $123 million, versus a loss of about $125 million in Q3 2024 – a massive year‑over‑year turnaround.
MARA’s Bitcoin holdings nearly doubled to 52,850 BTC, up 98% from a year earlier, underscoring its role as one of the largest corporate Bitcoin treasuries.
The company mined around 2,144 BTC during the quarter, with a modest increase in blocks won compared with the year‑ago period. ^[16]

However, the market’s reaction was lukewarm to negative:

One post‑earnings recap notes that despite the jump in profitability, shares fell around 6% after the report, as investors focused on earnings per share falling short of some lofty expectations and on longer‑term cash‑flow concerns. ^[17]
Analysts highlighted that the earnings beat was heavily driven by Bitcoin price appreciation and mark‑to‑market gains, rather than purely by sustainable, recurring operating cash flow. ^[18]

24/7 Wall St. pointed out that while adjusted EBITDA exploded higher, Marathon previously burned significant operating cash in 2024 despite reporting net income, underlining the tension between accounting profits and the underlying cash reality. ^[19]

For investors, the message is clear: MARA’s quarterly numbers can look spectacular when Bitcoin is rising, but the quality and durability of those earnings are still hotly debated.

More Than a Bitcoin Miner? MARA’s AI and HPC Pivot

One major factor behind Compass Point’s bullish upgrade is that MARA is increasingly trying to rebrand itself as a “digital energy and infrastructure” company, not just a Bitcoin miner. ^[20]

Key strategic moves include:

A planned $168 million investment for a 64% stake in Exaion, a high‑performance computing and AI cloud subsidiary of EDF, giving MARA exposure to the HPC/AI infrastructure market. ^[21]
A partnership with MPLX LP to build 400 MW of gas‑fired power and data‑center capacity in West Texas, with the potential to scale up to 1.5 GW. The idea is to marry long‑term access to low‑cost natural gas with compute‑heavy workloads like AI inference. ^[22]
A strategic focus on smaller, distributed data centers across multiple geographies to serve AI inference demand with lower upfront capital requirements. ^[23]

The company itself describes its mission as using “digital energy technologies” to convert excess or stranded power into “digital capital,” effectively using Bitcoin mining and AI computing as demand sinks that monetize cheap power. ^[24]

Analysts and commentators see both promise and risk in this pivot:

Supporters argue that AI and HPC infrastructure could reduce MARA’s dependence on Bitcoin cycles over time and unlock new, higher‑margin revenue streams. ^[25]
Skeptics note that the pivot is capital‑intensive, comes after a large run‑up in AI infrastructure valuations, and still lacks detailed disclosures on profitability and ramp‑up timelines. ^[26]

For now, the stock still trades as if it were primarily a Bitcoin proxy, but changes in AI‑related execution could become more important to its valuation in coming years.

The Bitcoin Backdrop: Still the Main Driver

Regardless of the AI narrative, MARA remains highly correlated with Bitcoin price moves.

In early November, Bitcoin was trading near $107,000 after peaking above $125,000 in early October, according to earnings‑related commentary. ^[27]
As of today, Bitcoin is around $87,900, roughly flat on the session but well below those recent highs after a sharp correction.

Given that MARA holds more than 52,000 BTC on its balance sheet and uses additional leverage through mining operations, relatively small percentage swings in Bitcoin can translate into outsized moves in the equity – both up and down. ^[28]

Recent research notes have gone so far as to describe MARA as “still too vulnerable to Bitcoin price fluctuations”, a view echoed by several neutral or cautious analyst reports over the last month. ^[29]

How Analysts Are Framing MARA Stock After Today’s Moves

Putting today’s upgrade and recent coverage together, the emerging analyst picture looks something like this:

Bullish arguments:

The market value of MARA is close to – or even below – the estimated value of its Bitcoin holdings, implying that investors are assigning minimal value to its mining fleet and energy infrastructure. ^[30]
Q3 2025 showed that when Bitcoin is strong, MARA can deliver triple‑digit revenue growth and robust net income, giving it leverage to crypto upcycles. ^[31]
The AI/HPC pivot, including the Exaion stake and MPLX partnership, offers an avenue for long‑term diversification and potentially more stable cash flows. ^[32]

Bearish arguments:

The share price has collapsed nearly 50% in a month and more than 60% over a year, suggesting ongoing technical and sentiment headwinds. ^[33]
A large portion of recent earnings is tied to Bitcoin price gains and mark‑to‑market accounting, not necessarily to durable operating cash flow. ^[34]
The business remains capital‑intensive, with historical periods of heavy cash burn and reliance on equity or debt financing, which raises the risk of future dilution if conditions worsen. ^[35]
Some prior research even downgraded the stock to “Sell” earlier in the year on concerns about its business model’s resilience and the complexity of the AI pivot. ^[36]

The result is a wide dispersion of price targets and ratings, reflecting genuine disagreement about whether MARA is a distressed opportunity or a value trap.

Is MARA Stock a Buy, Sell, or Hold Today?

For November 25, 2025, here’s a balanced way to think about MARA:

High‑risk exposure to Bitcoin plus AI infrastructure. If you’re bullish on Bitcoin’s long‑term path and believe MARA can successfully monetize AI and HPC workloads with its energy assets, the current price near $11 may look attractive relative to some analyst targets in the $20–$30 range. ^[37]
Extreme volatility and execution risk. The stock’s beta above 6, steep drawdowns, insider selling and unresolved questions about cash‑flow durability all suggest that MARA is suitable only for investors comfortable with very large price swings and potential capital loss. ^[38]
A battleground name for 2025. With institutional investors increasing stakes on one side and skeptical research pieces on the other, MARA is likely to remain a headline‑driven, high‑beta trade tied closely to crypto sentiment and news on its AI and power projects. ^[39]

As always, this article is for informational purposes only and does not constitute financial advice. MARA is a speculative stock with complex risks. Before making any decision, investors should:

Revisit their own risk tolerance and time horizon.
Review MARA’s latest 10‑Q, shareholder letter and presentation on the company’s investor relations site. ^[40]
Consider how dependent their thesis is on future Bitcoin prices and on the success of MARA’s AI/HPC pivot, not just on the latest analyst upgrade.

MARA CEO Thiel Sees 'Huge Interest in Bitcoin'