NEW YORK, January 1, 2026, 20:10 ET — Market closed
MARA Holdings, Inc (MARA) shares fell 3.6% in the last U.S. session of 2025, closing at $8.98 after trading between $8.96 and $9.40. U.S. markets were shut on Thursday for New Year’s Day.
Traders often treat MARA as a leveraged proxy for bitcoin because miners earn bitcoin by running specialized computers that help secure the network. That linkage matters at the start of 2026 as investors reassess crypto exposure against broader risk sentiment.
Bitcoin was last up about 1% at around $88,666, but was on track to end 2025 down more than 6%—its first annual loss since 2022—as macro trends weighed on crypto, Reuters reported. Linh Tran, a senior market analyst at XS.com, said bitcoin “increasingly exhibits the characteristics of a risk asset.” 1
Other U.S.-listed bitcoin miners also ended the last session lower. Riot Platforms dipped 0.4% and CleanSpark fell about 2.9%.
A filing dated Dec. 30 showed MARA registered an additional 33 million shares for issuance under its amended 2018 equity incentive plan, taking the plan’s reserved pool to 63 million shares. 2
A Form S-8 is a Securities and Exchange Commission registration that lets companies issue stock or options under employee compensation plans. The filing does not mean new shares were immediately sold, but it can expand stock-based pay and potential dilution over time.
Before Friday’s open, traders will be watching bitcoin’s direction and the broader tone for risk assets after the holiday. Mining stocks can swing sharply because their margins depend on bitcoin prices, power costs and network difficulty — the amount of computing competition on the bitcoin network.
MARA’s investor relations calendar showed no upcoming events scheduled as of Thursday. 3
MarketBeat estimates the company’s next earnings report is due around Feb. 25, based on past schedules, though the date can shift until the company confirms it. 4
On the chart, the $9 area is back in focus after the late-December slide, with the high-$8 range the nearest support. A move back toward $9.40 would put the prior session high in play, while a break below $8.96 would mark a fresh near-term low.
