MARA Holdings Inc. (NASDAQ: MARA) — still better known to many investors as Marathon Digital Holdings — slid to a new 52‑week low on Friday, even as the company’s latest earnings show booming revenue and a massive Bitcoin treasury.
As of late trading on November 21, 2025, MARA stock was changing hands around $10.06, down roughly 1.8% on the day. Shares traded between $9.72 and $10.47 intraday, with volume above 54 million shares, after touching a fresh one‑year low in the high‑$9 range. [1]
That weakness comes despite a broad analyst “buy” tilt and triple‑digit growth in recent quarterly results — underscoring just how tightly MARA stock is tethered to Bitcoin’s latest pullback and risk‑off sentiment in crypto‑linked equities.
MARA stock price today: Deep below key averages, new 52‑week low
MarketBeat reported on Friday that Marathon Digital/MARA Holdings hit a new 52‑week low near $9.76, with the stock now trading far below its short‑ and long‑term moving averages: a 50‑day average around $17.56 and a 200‑day average near $16.57. [2]
With today’s close near $10, that places MARA:
- Roughly 40% below its 50‑day moving average
- Even further below recent highs, after what Zacks (via a Nasdaq article) described as a 44–47% share‑price drop over the past month. [3]
MARA’s market capitalization is about $3.8 billion, and the stock carries an extremely high beta of 6.4, reflecting its reputation as a high‑volatility, leveraged proxy for Bitcoin moves. [4]
Bitcoin slide is weighing heavily on MARA stock
Bitcoin itself is under pressure today. As of Friday, BTC was trading around $84,550, down about 2.6% from its prior close, with an intraday range between roughly $80,763 and $88,088.
That retreat comes after Bitcoin hit all‑time highs above $112,000 earlier in 2025 before backing off into the low‑$100,000s and now the mid‑$80,000s. [5]
Because MARA is effectively a leveraged Bitcoin miner plus treasury vehicle, any meaningful move in BTC tends to be amplified in the stock price. Recent commentary from analysts and the financial press has highlighted that:
- A Nasdaq/Zacks piece notes that MARA has been significantly more volatile than peers, with a steep short‑term price decline and a rich valuation multiple based on EBITDA. [6]
- A Seeking Alpha analysis characterizes MARA as a leading “Bitcoin treasury miner” and one of the largest corporate holders of Bitcoin globally, but warns the company remains highly vulnerable to BTC price fluctuations. [7]
In other words, today’s move isn’t just about MARA — it’s also about a crypto market where traders are dialing back risk after a historic Bitcoin run‑up.
Q3 2025: Huge revenue growth and a swing back to profit
The disconnect between weak MARA stock performance and strong recent fundamentals is striking.
In its Q3 2025 earnings, MARA reported: [8]
- Revenue of $252 million, up 92% year over year
- Net income of $123 million, versus a $125 million loss in Q3 2024
- Bitcoin holdings of 52,850 BTC, up 98% year over year
An earnings call transcript from Investing.com shows that MARA posted earnings per share (EPS) of about $0.27, dramatically better than the consensus forecast of a $0.10 loss, and slightly ahead of revenue expectations around $252.4 million. [9]
Production and treasury updates from MARA’s own releases also show continuing operational scale‑up: [10]
- August 2025: 208 blocks won; BTC holdings increased to 52,477 BTC
- September 2025: 218 blocks won (+5% m/m), 736 BTC produced, with BTC holdings climbing to 52,850 BTC
At today’s Bitcoin price (roughly $84,550), MARA’s Q3‑level holdings would be worth around $4.5 billion on paper — more than its current equity market cap, even before considering mining rigs, energy assets, and other infrastructure. [11]
That apparent “Bitcoin discount” has not gone unnoticed among traders on social media, where Quiver Quantitative notes ongoing debates about whether MARA’s stock price now sits below the value of its BTC holdings once you adjust for debt and operating costs. [12]
From Marathon Digital to MARA Holdings: A broader energy and compute story
In August 2024, the company formally changed its name from Marathon Digital Holdings, Inc. to MARA Holdings, Inc., reflecting a broader identity as a “digital asset technology” and energy‑infrastructure firm focused on the Bitcoin ecosystem. [13]
According to its own investor materials, MARA now describes itself as a digital energy company:
- It deploys digital energy technologies that transform excess or stranded energy into “digital capital,” largely through Bitcoin mining. [14]
- It is increasingly positioning itself as a power and data‑center infrastructure provider for high‑performance computing, including AI workloads. [15]
Recent commentary in Coindesk quotes MARA’s CEO warning that only miners who control their power sources will survive, especially heading into the next Bitcoin halving, due in 2028. The CEO argued that rising energy costs and tougher competition will squeeze margins for miners that don’t own or deeply integrate their power infrastructure. [16]
MARA’s acquisition of a wind farm in Texas and investments in low‑cost energy sources are part of that pivot from “pure miner” to vertically integrated energy + compute player. [17]
Bitcoin treasury moves: 649 BTC moved to FalconX and Coinbase Prime
One new storyline weighing on sentiment this week: MARA’s recent Bitcoin transfers to institutional platforms.
On November 20, Crypto Briefing reported that MARA Holdings transferred 649 BTC to FalconX and Coinbase Prime within a 24‑hour window, and more than 150 BTC to Coinbase earlier in the week. [18]
Taken together, those moves suggest around 800 BTC — roughly 1.5% of the 52,850 BTC listed at the end of Q3 — shifted from MARA’s wallets toward institutional trading and custody venues. [19]
The article framed these transfers as fueling “market discussions about potential asset liquidations amid price fluctuations,” not as definitive evidence of large‑scale selling. [20]
For MARA stockholders, the key questions are:
- Are these transfers part of routine treasury management, including collateralizing loans or hedging?
- Or do they signal a willingness to monetize some of the Bitcoin stack after the massive run‑up in BTC price?
So far, MARA has not issued a dedicated press release explaining these specific transfers, leaving investors to connect the dots using blockchain analytics and third‑party reporting.
Insider selling vs. institutional buying: A split signal
Investor positioning in MARA is sending mixed messages.
Insiders have been net sellers
Quiver Quantitative data show that over the last six months, company insiders executed 21 open‑market trades in MARA — all of them sales. Highlights include: [21]
- CFO Hassan Salman Khan: ~173,600 shares sold across five transactions
- CEO Frederick Thiel: ~165,000 shares sold across six transactions
- Other executives and directors collectively sold tens of thousands of additional shares
MarketBeat, citing SEC filings, estimates that insiders have sold roughly 234,000 shares worth about $3.9 million over the last 90 days. [22]
Most recently, an Investing.com summary of a Form 4 filing reported that CEO Frederick Thiel sold 27,505 shares at an average price of $11.99 on November 17, 2025, for proceeds of about $329,000, with the stock trading lower since that sale and logging a double‑digit percentage decline over the past week. [23]
Insider sales don’t automatically mean trouble — executives sell for many reasons — but they do stand out at a time when MARA stock is already under heavy pressure.
Big institutions are still buying
On the other side of the ledger, institutional holders have been adding to MARA. Quiver’s latest breakdown shows: [24]
- 223 institutional investors increased their MARA positions in recent quarters
- 178 institutions reduced or exited positions
Among the biggest buyers:
- Two Sigma Advisers added over 7.4 million shares in Q3 2025
- UBS Group AG added more than 6.1 million shares
- Vanguard Group increased its stake by about 4.0 million shares
Net‑net, the data suggest that large quant funds and traditional asset managers still see MARA as a viable way to express a high‑conviction view on Bitcoin and digital infrastructure, even as corporate insiders take some chips off the table.
Analyst ratings and MARA stock forecast: “Moderate Buy” with high risk
Despite the sharp drawdown, Wall Street remains broadly constructive on MARA, though not uniformly bullish.
- MarketBeat data show seven Buy ratings and six Hold ratings, for an overall “Moderate Buy” consensus and an average price target around $23 — more than double today’s price. [25]
- Quiver Quantitative tracks seven recent analyst price targets with a median of $22, including: [26]
- Macquarie: $29 (Outperform)
- BTIG: $27 (Buy)
- Piper Sandler: $26 (Overweight)
- Cantor Fitzgerald: $21 (Overweight)
- Rosenblatt: $22 (Buy)
- J.P. Morgan: $20 (Overweight)
- Compass Point: $18 (Neutral/Market Perform)
At the same time, valuation concerns are growing:
- Zacks, in a piece republished on Nasdaq, notes MARA trades at an EV/EBITDA multiple north of 60×, versus about 12× for its industry, assigning it a Value Score of “F” and a Zacks Rank #3 (Hold) despite the long‑term growth story. [27]
- Some fundamental analysts argue that while the company’s earnings inflection is impressive, MARA’s share price still embeds aggressive assumptions about sustained high Bitcoin prices, low energy costs, and successful diversification into AI and high‑performance computing. [28]
For investors scanning MARA stock forecasts, the picture is clear: Wall Street generally expects upside from here, but with elevated volatility and valuation risk.
Beyond the numbers: Operational, regulatory, and local‑impact risks
While most attention focuses on MARA’s Bitcoin stack and share price, there are several non‑price risks that could matter over time:
- Operational and energy cost risk
- Coindesk’s coverage of MARA’s CEO highlights the view that miners who don’t control cheap, reliable power may not survive the next halving cycle. [29]
- Rising energy prices, grid constraints, or delays in bringing new low‑cost sites online could erode MARA’s mining margins and reduce the effective leverage of its business model.
- Community and environmental pushback
- Local reporting in Texas has documented intense resident complaints about noise from a MARA‑operated Bitcoin mine, alleging health impacts and falling property values. Residents have even pushed to incorporate a new town partly to gain regulatory authority over the facility. [30]
- If similar disputes spread, MARA could face stricter noise rules, zoning battles, or reputational issues that affect where and how it can build.
- Regulatory and policy uncertainty
- Crypto regulation continues to evolve globally, from potential loosening of rules on Bitcoin ETNs in the UK to shifting policy stances in the U.S. [31]
- New capital, tax, or environmental rules affecting miners or corporate Bitcoin treasuries could materially change MARA’s economics.
- Balance‑sheet leverage and dilution
- Quiver notes that MARA’s strategy has included issuing about $700 million of convertible bonds to fund additional Bitcoin purchases, effectively levering its BTC bet. [32]
- While that can amplify upside in a continued bull market, it also raises the risk of dilution or balance‑sheet strain if Bitcoin enters a prolonged bear phase.
How traders and long‑term investors might frame MARA stock after today’s drop
Everyone’s risk tolerance and financial situation is different, so there is no single “right” view on MARA. But after today’s move, investors are broadly grappling with a few key questions:
1. Is MARA stock “cheap” relative to its Bitcoin?
On the one hand:
- Q3 data suggest MARA’s Bitcoin holdings alone are worth more than its current equity market cap at today’s BTC price, before counting any mining infrastructure or energy assets. [33]
On the other hand:
- The company also carries debt (including convertibles), ongoing capex, operating costs, and energy contracts that eat into that headline value. [34]
- High EV/EBITDA multiples indicate that even after the selloff, the market still assigns a premium to MARA’s long‑term growth versus peers. [35]
For some traders, this looks like a classic “nav discount” opportunity; for others, it simply reflects the real cost and risk of running power‑hungry data centers.
2. Is MARA a trading vehicle or a long‑term hold?
Short‑term traders often treat MARA as a hyper‑volatile Bitcoin proxy:
- The stock’s beta above 6 makes it attractive for momentum and day‑trading strategies. [36]
- However, that same volatility means large intraday swings and potential for sharp drawdowns, as today’s new 52‑week low illustrates.
Long‑term investors, by contrast, may focus on:
- Their conviction about Bitcoin’s multi‑year trajectory
- Confidence that MARA can own or lock in cheap power, scale its operations, and expand into AI/HPC hosting
- Willingness to endure deep, prolonged volatility in both BTC and MARA shares
3. Are recent BTC transfers and insider sales a red flag?
The recent ~800 BTC moved to FalconX/Coinbase platforms and continued insider selling are important data points, but not definitive red flags on their own. [37]
Investors will likely watch for:
- Any follow‑up disclosures from MARA clarifying whether those BTC transfers were tied to routine liquidity management, hedging, or concrete asset sales
- Additional Form 4 filings showing whether insider selling accelerates or slows as the stock tests new lows
Bottom line on MARA stock today
On November 21, 2025, MARA stock is:
- Trading near new 52‑week lows around $10
- Down sharply from recent highs, despite a swing back to profitability and rapid revenue growth
- Still widely viewed by Wall Street as a “Moderate Buy” with average analyst price targets roughly double the current share price
- Operating with a massive Bitcoin treasury and an increasingly integrated energy/HPC strategy, but facing high valuation multiples, intense volatility, and non‑trivial operational and regulatory risks [38]
For investors, MARA remains exactly what its chart and fundamentals suggest: a high‑beta, high‑conviction bet on the future of Bitcoin and digital infrastructure — one that may look increasingly “cheap” after today’s selloff, but that still demands careful position sizing, a strong stomach for volatility, and a clear, personal view on where the crypto cycle goes next.
Disclosure: This article is for informational and news‑analysis purposes only and does not constitute financial, investment, or trading advice. Always do your own research and consider consulting a qualified financial professional before making investment decisions.
References
1. www.marketbeat.com, 2. www.marketbeat.com, 3. www.nasdaq.com, 4. www.marketbeat.com, 5. www.thetimes.co.uk, 6. www.nasdaq.com, 7. seekingalpha.com, 8. ir.mara.com, 9. www.investing.com, 10. ir.mara.com, 11. ir.mara.com, 12. www.quiverquant.com, 13. www.marketbeat.com, 14. ir.mara.com, 15. www.tipranks.com, 16. www.coindesk.com, 17. www.tipranks.com, 18. cryptobriefing.com, 19. cryptobriefing.com, 20. cryptobriefing.com, 21. www.quiverquant.com, 22. www.marketbeat.com, 23. www.investing.com, 24. www.quiverquant.com, 25. www.marketbeat.com, 26. www.quiverquant.com, 27. www.nasdaq.com, 28. seekingalpha.com, 29. www.coindesk.com, 30. www.chron.com, 31. www.thetimes.co.uk, 32. www.quiverquant.com, 33. ir.mara.com, 34. www.quiverquant.com, 35. www.nasdaq.com, 36. www.marketbeat.com, 37. cryptobriefing.com, 38. ir.mara.com
