MARA Holdings (NASDAQ:MARA) finishes week under exec tax price, Long Ridge figures eyed

NEW YORK, July 3, 2026, 13:05 EDT

• MARA finished Thursday at $12.40, dropping 7.26%. The stock has lost 14.7% across a four-day slide since last Friday’s close.
• U.S. stock and options markets are closed Friday for Independence Day. The next session for U.S. cash equities is set for Monday.
• Form 4s filed July 2 show 145,540 shares withheld at $13.89 for taxes from restricted stock vesting. No open-market sales reported.
• Next up for investors is the power pivot. Long Ridge reported positive Q1 adjusted EBITDA in the June 25 filing. MARA posted a big adjusted EBITDA loss.

U.S. stocks and options won’t trade Friday. Nasdaq has July 3, 2026 marked as the observed Independence Day holiday, and NYSE also shows that day as closed for Independence Day in 2026. That puts MARA’s Thursday close as the final print for the week.

MARA Holdings, Inc. NASDAQ:MARA finished Thursday at $12.40, off 97 cents, or 7.26%. Volume came in at 50.63 million shares, about 116% of its 65-day average, per MarketWatch. The stock moved between $11.98 and $14.09.

MARA fell 14.7% from its June 26 close of $14.54 after dropping for four straight sessions. On Thursday, the Nasdaq Composite lost 0.8% and the Russell 2000 was off 0.55%. The S&P 500 closed flat at 7,483.24, while the Dow climbed 1.1% to a record 52,900.07.

Bitcoin traded lower on Friday and so did shares of peer miners, showing the risk wasn’t only with spot bitcoin. Crypto markets were open; MARA and some other listed miners had already dropped ahead of the holiday.

New filings offered a clearer view into insider moves. CEO Fred Thiel, CFO Salman Hassan Khan and General Counsel Zabi Nowaid each reported shares withheld July 1 at $13.89. Footnotes showed these shares handled tax bills tied to restricted stock awards, rather than open-market sales.

The filings totaled 145,540 shares, which works out to roughly $2.0 million at the $13.89 withholding price. MARA ended Thursday about 11% under that reference price. That difference is one to watch heading into next week, since it shows how tax settlement looks separate from the main price move.

MARA in April struck a deal to buy Long Ridge Energy & Power from FTAI Infrastructure Inc. NASDAQ:FIP for roughly $1.5 billion, taking on about $785 million in debt with the purchase. Long Ridge’s assets include a 505-megawatt natural gas facility in Hannibal, Ohio and over 1,600 acres where MARA wants to build a data-center campus. “It has all the key components for us, for the ideal data center campus,” Thiel told Reuters. He also said MARA expects “to have a tenant lined up” as the deal closes. Reuters

The June 25 8-K added some numbers to the deal. MARA’s Q1 revenue came in at $174.6 million. Adjusted EBITDA loss was $1.04 billion. Long Ridge posted Q1 revenue of $62.0 million and adjusted EBITDA of $25.4 million. The same filing said MARA produced 3,805 bitcoin through May 31, averaged 25.2 bitcoin per day, and had 70.7 EH/s of energized hashrate.

On an annualized basis, Long Ridge’s Q1 adjusted EBITDA comes to about $101.5 million. That means the $1.5 billion deal values the company at around 15 times that run-rate, before allowing for any purchase price adjustments or lease income from a data center tenant.

The Long Ridge deal stands out after a week like this. When bitcoin rises, a miner’s shares can look cheap. But a power asset has to make its own case on cash flow alone. MARA’s latest 8-K also notes closing and approval risk still hangs over the deal, including needed approvals to wrap up the transaction.

The stock kicks off Monday trading with just a handful of numbers: Thursday’s low was $11.98, the latest close landed at $12.40, and the new Form 4s put the exec withholding price at $13.89.