NEW YORK, July 3, 2026, 13:05 EDT
- MARA finished Thursday at $12.40, down 7.26%. Shares have dropped for four sessions, losing 14.7% since last Friday’s close.
- U.S. stock and options markets are closed Friday for Independence Day. Trading in U.S. cash equities resumes Monday.
- Form 4s filed July 2 show 145,540 shares withheld at $13.89 for taxes on restricted stock vesting. These are not open-market sales.
- Next up for investors is the power pivot. Long Ridge reported positive adjusted EBITDA for Q1 in its June 25 filing, while MARA posted a sizable adjusted EBITDA loss.
U.S. equity and options markets are closed Friday for Independence Day, with both Nasdaq and NYSE listing July 3, 2026, as their holiday shutdown. That means MARA last traded on Thursday, capping off the week.
MARA Holdings, Inc. NASDAQ:MARA finished Thursday at $12.40, falling 97 cents, or 7.26%. Trading volume hit 50.63 million shares, about 116% of its 65-day average. The stock moved between $11.98 and $14.09, MarketWatch data show.
MARA ended the stretch down 14.7% from its June 26 close at $14.54. The stock sank over four sessions while the Nasdaq Composite slid 0.8% Thursday and the Russell 2000 dropped 0.55%. The S&P 500 barely moved, finishing at 7,483.24. The Dow climbed 1.1% to a record 52,900.07.
| Market tape | Latest price/close | Move |
|---|---|---|
| MARA Holdings, Inc. NASDAQ:MARA | $12.40 | -7.26% |
| Riot Platforms Inc. NASDAQ:RIOT | $22.11 | down $1.86 |
| CleanSpark Inc. NASDAQ:CLSK | $12.62 | off $1.01 |
| IREN Ltd. NASDAQ:IREN | $38.82 | fell $4.49 |
| TeraWulf Inc. NASDAQ:WULF | $21.18 | lost $2.41 |
| Nasdaq Composite | 25,832.67 | down 0.80% |
| Bitcoin | about $62,050 | up $456 |
Bitcoin fell on Friday and miner stocks like MARA dropped before the break, showing the risk isn’t only in the spot bitcoin price. Crypto traded through the holiday, but miners were already lower ahead of it.
New filings showed updated insider moves. CEO Fred Thiel, CFO Salman Hassan Khan, and General Counsel Zabi Nowaid had shares withheld on July 1 at $13.89. According to the footnotes, these shares went to cover taxes from restricted stock units, not from open-market sales.
The filings totaled 145,540 shares, roughly $2.0 million at the $13.89 withholding price. MARA closed Thursday about 11% under that reference point. That difference may be a minor marker to watch this week, setting tax settlement mechanics apart from the main issue of price.
MARA said in April it would buy Long Ridge Energy & Power from FTAI Infrastructure Inc. NASDAQ:FIP for about $1.5 billion, taking on roughly $785 million in debt as part of the deal. Long Ridge operates a 505-megawatt combined-cycle natural gas plant in Hannibal, Ohio, plus over 1,600 acres that MARA wants for a data-center campus. “It has all the key components for us, for the ideal data center campus,” Thiel told Reuters. MARA expects “to have a tenant lined up” when the deal closes, he added. Reuters
The June 25 8-K gave a closer look at the numbers for the deal. MARA posted Q1 revenue of $174.6 million and an adjusted EBITDA loss of $1.04 billion. Long Ridge’s Q1 revenue landed at $62.0 million with $25.4 million in adjusted EBITDA. In the same presentation, MARA reported 3,805 bitcoin mined year to date through May 31, daily average of 25.2 bitcoin, and 70.7 EH/s in energized hashrate.
| Q1 2026, $ mln | MARA | Long Ridge |
|---|---|---|
| Total revenue | 174.6 | 62.0 |
| Net loss | -1,259.6 | -6.5 |
| EBITDA | -1,095.6 | 22.9 |
| Adjusted EBITDA | -1,037.7 | 25.4 |
Long Ridge’s Q1 adjusted EBITDA comes to about $101.5 million on an annualized basis. That means the $1.5 billion deal values it at around 15 times that run rate, not counting any purchase-price tweaks or lease payments from a data-center tenant.
The Long Ridge deal gets more attention after a week like this. Bitcoin miners can look cheap when the crypto price jumps. But a power asset needs to prove it can make money. MARA’s latest 8-K said the deal still has closing and approval risks, with needed approvals to complete the transaction.
Monday’s setup for the stock has clear numbers: $11.98 was Thursday’s low, latest close at $12.40, and $13.89 as the exec withholding price listed in the new Form 4s.
