NEW YORK, Dec. 28, 2025, 1:22 a.m. ET — Market Closed
MARA Holdings, Inc. (NASDAQ: MARA) is heading into the final trading days of 2025 with momentum going the wrong way. The Bitcoin miner’s stock closed Friday around $9.59, after sliding to an intraday 52-week low of $9.43—a stark reminder that, for mining equities, the market can be less “digital gold rush” and more “industrial commodity business with mood swings.” [1]
With U.S. stock markets closed for the weekend, attention shifts to what will drive MARA when trading resumes Monday: the weekend path of Bitcoin (which trades 24/7), the evolving economics of mining competition, and fresh context from analysts and filings that investors are actively digesting.
Where MARA stock stands heading into Monday
Friday’s tape: MARA finished the regular session near $9.59, down sharply on the day after trading between roughly $9.43 and $9.97. Volume was elevated versus many recent sessions, and the stock’s slide put it at the bottom of its $9.43–$23.45 52-week range. [2]
The move is consistent with a broader theme that’s haunted crypto-linked equities through year-end: when crypto prices stall or wobble, miners often exaggerate the move—because their operating leverage works both ways.
Bitcoin’s weekend role: crypto trades nonstop, equities don’t
Unlike MARA stock, Bitcoin trades 24/7, and that weekend price action can set the tone for Monday’s equity open—especially for miners. [3]
As of early Sunday morning in New York, Bitcoin was around $87,645. Reuters also noted Bitcoin trading around the $87,000 area in thin post-holiday markets on Friday, underscoring the risk-sensitive backdrop. [4]
For MARA investors, the practical takeaway is simple: if BTC makes a decisive move before Monday’s bell, MARA often “re-prices” quickly once equity trading opens—sometimes in premarket, where liquidity can be thinner.
The newest MARA headlines in the last 24–48 hours: low prices, not new corporate news
In the last two days, much of the widely circulated MARA coverage has been about price action and positioning, not a new press release or a surprise SEC current report.
- Multiple market recaps highlighted MARA’s fresh 52-week low and the sharp drop into the weekend. [5]
- A premarket-focused markets piece also pointed to stock-specific narratives affecting miners, including analyst target changes and how “network competition” is squeezing the group. [6]
On the company-news front, MARA’s investor relations page still shows its most recent press releases dated Nov. 4, 2025 (Q3 results and the MPLX collaboration announcement), suggesting there has not been a brand-new corporate update over the weekend. [7]
Analyst lens: “network competition” pressure and a lowered target at Rosenblatt
A key debate around miners right now is whether Bitcoin’s price can outpace the industry’s “difficulty” and competition dynamics quickly enough to re-expand margins.
That theme showed up clearly in coverage pointing to Rosenblatt Securities analyst Chris Brendler, who lowered his MARA price target to $15 from $22 while maintaining a Buy rating. In commentary cited in market coverage, Brendler flagged that persistently high competition has pressured miners and “gone from bad to worse” after Bitcoin’s pullback, while suggesting miners with exposure to high-performance computing (HPC) hosting could be less tied to pure mining economics. [8]
It’s worth emphasizing the calendar: the Rosenblatt target change is dated Dec. 19 in analyst-tracking data, but it continues to circulate in market narratives as investors reassess mining profitability into year-end. [9]
Forecast snapshot: Wall Street still leans bullish, but the range is wide
Even with MARA near its lows, aggregated analyst datasets still show a tilt toward “Moderate Buy”—with a meaningful dispersion between the most cautious and most optimistic targets.
- One widely referenced consensus compilation shows 12 analysts with an average target around $23.56, with targets ranging from $13 to $30. [10]
- Another major tracker lists an average price target around $22.11, also with a $13 to $30 range, and includes the Rosenblatt cut to $15 (from $22). [11]
That gap between today’s price (~$9.6) and many published targets is eye-catching—but miners are famously cyclical. In plain English: targets can remain high while the stock remains low if analysts believe Bitcoin or mining conditions will improve later, but the market is demanding proof.
Technical picture: indicators lean bearish as the stock breaks down
From a pure technical-analysis perspective, bearish signals have piled up.
Investing.com’s technical dashboard showed a “Strong Sell” posture across timeframes, with the daily readout highlighting a 14-day RSI around 38.7 (often interpreted as weak momentum) alongside multiple moving-average sell signals. [12]
Meanwhile, price action itself is doing the loudest talking: a fresh 52-week low often becomes a psychological level, because traders watch to see whether it holds—or breaks and triggers another wave of selling.
Insider sales: what the SEC forms actually say
One item investors have been parsing is insider activity—because in beaten-down names, people naturally ask: “Do insiders believe the stock is cheap… or are they selling anyway?”
Recent SEC filings show:
- CEO Frederick G. Thiel reported selling 27,505 shares at $10.77 (transaction date Dec. 17, 2025). The filing explicitly states the sale was made under a Rule 10b5-1 trading plan adopted May 28, 2025. [13]
- CFO Salman Hassan Khan reported selling 34,732 shares at $11.48 (transaction date Dec. 15, 2025). That filing also cites a Rule 10b5-1 plan, adopted March 14, 2025, and notes the transaction involved holdings including a family trust structure. [14]
That doesn’t tell you whether the stock is “good” or “bad.” But it does clarify something important: these were plan-based sales disclosed through formal SEC reporting—information the market can incorporate without guessing. [15]
Bigger-company context: Q3 results and the “energy + compute” narrative
MARA’s most recent earnings update (Q3 2025) is not new this weekend, but it remains central to the bull/bear tug-of-war: is MARA “just a miner,” or is it evolving into a broader energy-and-compute platform?
In its Nov. 4, 2025 Q3 release, MARA reported:
- Revenue up 92% year over year to about $252 million
- Net income of about $123 million, compared with a net loss in Q3 2024
- Bitcoin holdings up year over year to 52,850 [16]
Separately, the company has been publicly framing itself as a “digital energy and infrastructure” operator, pointing to efforts that connect mining infrastructure to broader compute use cases (including AI/HPC). [17]
An index-related watch item: MARA’s letter to MSCI
Another noteworthy document investors have been aware of this month is MARA’s Dec. 15, 2025 letter responding to an MSCI consultation about potentially excluding “digital asset treasury companies” from MSCI indexes.
In that letter, MARA argued it should not be classified as a digital asset treasury company, describing itself as an operating business focused on bitcoin mining and energy/data center infrastructure, and noting an operational footprint including energy capacity and multiple data centers (as of Sept. 30, 2025). [18]
Why this matters for the stock: index eligibility can influence passive fund flows. This is not a guaranteed catalyst—but in a thin, year-end market, investors tend to obsess over anything that could affect marginal demand.
What investors should know before the next session
Because U.S. markets are closed for the weekend, the next major moment for MARA is the Monday, Dec. 29 session. Regular U.S. equity hours run 9:30 a.m. to 4:00 p.m. ET, with premarket often 4:00 to 9:30 a.m. ET and after-hours 4:00 to 8:00 p.m. ET (rules vary by broker and venue). [19]
A practical “Monday setup” checklist for MARA watchers:
- Track Bitcoin first, then MARA. Bitcoin’s weekend volatility can reset expectations for miners by the time equity trading opens. [20]
- Watch the $9.43 low as a line in the sand. Friday’s 52-week low is likely to be a key reference point for both bulls and bears. [21]
- Know the holiday calendar into New Year’s. U.S. markets are closed on Jan. 1, 2026, and the week can see lighter liquidity as the year ends. [22]
- Keep analyst context in perspective. Targets still skew above current prices, but the near-term narrative remains dominated by mining competition and Bitcoin’s level—exactly what Rosenblatt’s Chris Brendler highlighted in his target cut. [23]
- Don’t ignore filings. Recent insider sales were disclosed with 10b5-1 plan details; it’s information, not a mystery. [24]
For now, MARA is entering Monday with a classic miner’s setup: technicals look bruised, sentiment is fragile, and the biggest variable (Bitcoin) trades all weekend long. Whether that turns into a bounce or another leg down may depend less on company headlines and more on the market’s appetite for risk—and whether crypto finds its footing as 2025 ends.
References
1. stockanalysis.com, 2. stockanalysis.com, 3. www.fidelity.com, 4. www.reuters.com, 5. www.marketbeat.com, 6. stocktwits.com, 7. ir.mara.com, 8. stocktwits.com, 9. www.tipranks.com, 10. www.marketbeat.com, 11. www.tipranks.com, 12. www.investing.com, 13. www.sec.gov, 14. www.sec.gov, 15. www.sec.gov, 16. ir.mara.com, 17. ir.mara.com, 18. d1io3yog0oux5.cloudfront.net, 19. www.fidelity.com, 20. www.fidelity.com, 21. stockanalysis.com, 22. www.investopedia.com, 23. stocktwits.com, 24. www.sec.gov
