Marathon Digital’s stock enters the new week under heavy pressure. After a sharp sell‑off on Friday, shares of MARA Holdings, Inc. (NASDAQ: MARA) are sitting just above $10 and trading near fresh 52‑week lows, even as Bitcoin stabilises around the mid‑$80,000s on Sunday, November 23, 2025. [1]
At the same time, Wall Street sentiment is mixed: one broker cut its target again this weekend, even as others still rate the Bitcoin miner a Moderate Buy” with an average price target more than double the current share price. [2]
Below is a rundown of Marathon Digital stock today — price action, the latest news dated November 23, 2025, how the recent Bitcoin crash is feeding into the story, and what investors will be watching into next week.
Marathon Digital stock price today (as of November 23, 2025)
U.S. equity markets are closed on Sunday, so the latest figures for MARA stock reflect Friday’s session and subsequent extended trading:
- Last traded price: about $10.07 per share [3]
- Move on Friday: down roughly 1.7%, after trading as low as $9.71 intraday [4]
- 52‑week range: approximately $9.71 – $30.28 [5]
- Market capitalisation: around $3.8 billion [6]
- Valuation & risk profile:
- Price‑to‑earnings (trailing): ~9x
- Beta: ~6.4, underscoring very high volatility relative to the broader market [7]
- Balance sheet snapshot: current ratio and quick ratio both around 0.54, with a debt‑to‑equity ratio near 0.47, signalling modest leverage but relatively tight near‑term liquidity. [8]
In simple terms: MARA is trading like a leveraged Bitcoin proxy at the lower end of its one‑year range, after a steep slide from highs above $30 earlier in 2025.
Today’s fresh headline: Marathon sets a new 52‑week low
The most direct MARA stock news dated November 23, 2025 comes from a syndicated piece on Defense World, which reports that Marathon Digital’s share price hit a new 52‑week low during Friday’s session, touching about $9.76 before closing just below $10.10 on heavy volume. [9]
Key points from that report and its underlying MarketBeat data:
- Friday’s trading pushed MARA to its lowest level in a year, cementing a dramatic drawdown from mid‑year highs. [10]
- The stock’s 50‑day and 200‑day moving averages sit near $17.4 and $16.6, showing how far the price has fallen below its recent trend lines. [11]
- The article reiterates that Wall Street still assigns Marathon a Moderate Buy” consensus with an average target around $23, based on roughly seven Buy ratings and six Holds. [12]
In effect, today’s main MARA headline is about downside technical momentum: Marathon closed the week in falling knife” territory, even as analysts’ average price targets remain more than 100% above Friday’s close.
New analyst move: Clear Street trims target as estimates fall
Adding to the cautious tone around Marathon, a new note highlighted today shows that broker Clear Street has cut its price target on MARA from $18 to $16. The firm cited reduced revenue and adjusted EBITDA forecasts for 2025–2027, reflecting a tougher backdrop for Bitcoin mining economics and more conservative assumptions around the company’s expansion plans. [13]
While the numerical change seems small, it matters for the narrative:
- It narrows the gap between bearish and bullish targets, even as bulls like Macquarie (around $29, outperform”) and BTIG (around $27, buy”) remain far above current levels. [14]
- It underscores a shift from blue‑sky growth assumptions toward more sober expectations as Bitcoin volatility returns and capital markets become pickier.
For now, the Street still skews constructive on Marathon overall, but today’s incremental move is in the direction of caution, not optimism.
Bitcoin crash and weekend rebound: the macro story behind MARA’s slide
It’s impossible to talk about Marathon Digital stock today without talking about Bitcoin.
Over the past two weeks, Bitcoin has fallen from above $100,000 to the mid‑$80,000s, a drawdown of roughly 15–20% depending on the starting point you choose. [15]
Recent headlines paint the picture:
- A Times of India piece describes a Bitcoin crash” that saw the price tumble near $80,000, pressuring corporate treasuries that hold large BTC positions. [16]
- Weekend crypto coverage notes that Bitcoin briefly dropped below the low‑$80,000s before rebounding; one report from CryptoPotato highlights a move back above $86,000 today as part of a fragile recovery. [17]
- Multiple data providers show BTC/USD trading around $86,000 on November 23, up 1–3% over 24 hours but still well below recent highs. [18]
Why this matters so much for MARA:
- As of the end of Q3 2025, Marathon held about 52,850 Bitcoin, nearly double its holdings a year earlier. [19]
- At roughly $86,000 per coin, that stash alone is worth on the order of $4.5 billion, before any hedging or subsequent sales are considered.
- A double‑digit percentage swing in BTC therefore moves the implied value of Marathon’s holdings by hundreds of millions of dollars, and also affects mining profitability.
With Bitcoin sentiment hitting multi‑year lows according to some on‑chain analytics cited in weekend commentary, Marathon’s stock is behaving like a high‑beta derivative of the BTC chart. [20]
Q3 2025 recap: big revenue jump, but quality of earnings is debated
Much of the bullish argument behind the MARA bounces to profitability” headlines rests on the company’s latest quarterly report.
According to MARA’s official Q3 2025 release and related coverage:
- Revenue rose 92% year‑over‑year to about $252 million. [21]
- Net income swung from a $125 million loss in Q3 2024 to roughly $123 million in profit this quarter. [22]
- Bitcoin holdings nearly doubled to 52,850 BTC, and the company mined roughly 2,100–2,200 BTC in the quarter. [23]
- Adjusted EBITDA surged into the mid‑$300 million range, up more than 15x year over year. [24]
However, not all coverage has been glowing:
- A detailed breakdown from 24/7 Wall St. points out that much of the revenue and EBITDA improvement was driven by higher Bitcoin prices and revaluation of holdings, rather than purely by organic mining volume gains. [25]
- Other analyst summaries note that per‑share earnings missed consensus estimates, even with the Bitcoin tailwind, and highlight weak cash‑flow conversion relative to accounting profits in prior years. [26]
This mixed picture explains why MARA can simultaneously be:
- Bouncing to profitability” in headlines, yet
- Re‑rating lower in the market as Bitcoin falls and investors reassess how sustainable that profitability really is.
AI & energy pivot: from pure Bitcoin miner to digital energy” player
One reason some analysts continue to back MARA stock despite the sell‑off is the company’s push to rebrand itself as a digital energy and infrastructure platform, not just a Bitcoin miner.
Recent milestones:
- In its Q3 release, MARA described itself as a leading digital energy and infrastructure company”, emphasising that it uses compute and power infrastructure to transform excess energy into digital capital.” [27]
- On the same day, MARA announced a collaboration with MPLX to develop integrated power generation and data‑center campuses in West Texas, designed to support both Bitcoin mining and high‑performance compute workloads. [28]
- Earlier this year, MARA and EDF Pulse Ventures agreed to invest in Exaion, a provider of low‑carbon cloud and AI/HPC data‑center infrastructure, further underscoring the pivot toward AI computing capacity. [29]
Commentary from outlets such as CoinDesk, Insider Monkey and Seeking Alpha frames this strategy as a potential hedge against pure Bitcoin price risk: the same high‑density, power‑optimised infrastructure that mines BTC can host AI inference racks and other compute workloads. [30]
The catch? Execution risk is high. Investors still lack:
- Clear disclosure on the percentage of revenue tied to AI/HPC,
- Concrete visibility into margins and contract terms in these new segments, and
- A sense of how quickly non‑Bitcoin revenue can become meaningful.
Until those numbers scale, MARA’s share price will remain dominated by Bitcoin, not AI.
Insider selling vs. institutional buying: conflicting signals
This weekend’s newsflow highlights a tug‑of‑war in Marathon’s shareholder base.
Insider selling
Defense World and MarketBeat both flag substantial insider sales over the last 90 days: [31]
- CEO Frederick Thiel sold about 27,500 shares around $12, trimming his stake by less than 1%.
- General Counsel Zabi Nowaid sold roughly 25,000 shares around the mid‑$15s, reducing his position by a bit over 3%.
- Other directors have also sold stock in previous months.
- In total, insiders have disposed of around 234,000 shares worth nearly $3.9 million in the last quarter, and corporate insiders now own only about 0.8% of the float.
While executive stock sales can be driven by diversification or pre‑planned trading programs, the timing — amid new highs for Bitcoin earlier this quarter and ahead of the recent slide — has not gone unnoticed by traders.
Institutional buying
On the other side, a new MarketBeat report dated November 22 notes that Stevens Capital Management LP opened a fresh stake of 58,464 shares in Marathon (roughly $900,000 worth at the time), joining other institutions that have been adding or initiating positions, including Rhumbline Advisers, Magnetar Financial and the Swiss National Bank. [32]
Across multiple filings, institutional investors now hold roughly 44–45% of MARA’s shares, suggesting that while retail speculation is high, professional money remains deeply involved in the name. [33]
The upshot: insiders are net sellers, institutions are still net holders or mild buyers. That mixed ownership picture mirrors the stock’s Moderate Buy” rating and volatile trading profile.
Additional recent developments shaping MARA’s story
Beyond today’s 52‑week‑low headlines and the Clear Street target cut, several developments from the past few days continue to shape how investors view Marathon Digital:
- Large Bitcoin transfers to institutional platforms: A recent CryptoBriefing report highlighted that MARA moved 649 BTC to FalconX and Coinbase Prime over a 24‑hour period, with additional coins sent to Coinbase earlier in the week. Observers see this as part of a broader shift by miners toward institutional trading venues, potentially to improve liquidity or prepare for opportunistic sales during volatility. [34]
- Ongoing commentary on MARA as a crypto + AI” hybrid: Multiple analyst and blog pieces published over the last week position MARA as both a Bitcoin miner and emerging AI infrastructure provider, with some upgrading their stance on the view that the recent Bitcoin slump is a buying opportunity, while others emphasise valuation and balance‑sheet risks. [35]
For now, the market appears to be discounting the AI narrative and focusing squarely on the crypto cycle — as seen in the stock’s tight correlation with Bitcoin’s sharp correction this month.
Key risks and catalysts to watch after November 23, 2025
Looking ahead to Monday’s open and the rest of the week, traders watching Marathon Digital stock will likely focus on a few core themes:
- Bitcoin’s ability to hold the $80,000–$85,000 support zone
- Continued breakdown toward the low‑$70,000s, which some technical commentators flag as a deeper support area, could force another leg lower in crypto‑mining equities. [36]
- Further analyst revisions
- Today’s Clear Street cut may not be the last. Any wave of target reductions or rating downgrades from other brokers could reinforce the recent negative momentum.
- New disclosures on AI/HPC revenue
- Additional detail around the MPLX collaboration, Exaion partnership, or incremental AI hosting contracts could help investors quantify how much of MARA’s future depends on Bitcoin versus diversified digital‑infrastructure income. [37]
- Balance sheet and liquidity management
- With current and quick ratios below 1, markets will watch how aggressively Marathon taps equity, debt or Bitcoin sales to fund expansion, particularly if BTC remains below recent highs. [38]
- Further insider transactions or institutional filings
- New Form 4 filings (insiders) or 13F updates (funds) could shift the narrative around who is actually buying or selling into this pullback.
Bottom line on Marathon Digital stock today
As of November 23, 2025, Marathon Digital (MARA) sits at a crossroads:
- The company has just posted a dramatic swing back to profitability, powered by 92% revenue growth, a doubling of Bitcoin holdings, and an ambitious pivot into AI and digital energy infrastructure. [39]
- Yet the stock now trades near fresh 52‑week lows, pressured by a sharp Bitcoin correction, ongoing insider selling, and freshly trimmed Street estimates. [40]
For readers following MARA stock today, the story is less about a single day’s price move and more about extreme sensitivity to crypto cycles layered on top of a still‑nascent AI/energy transition.
If Bitcoin’s latest pullback proves to be a brief shakeout, Marathon’s substantial BTC reserves and high‑beta trading profile could magnify any rebound. If the downturn deepens or stays prolonged, however, the market may continue to test just how cheap a volatile, highly levered Bitcoin miner should be — even one with AI ambitions.
As always, this article is for information only and is not investment advice. Anyone considering MARA or other crypto‑linked stocks should carefully assess their own risk tolerance, time horizon, and need for diversification.
For miners like Marathon, that’s a double hit:
References
1. www.investing.com, 2. www.marketbeat.com, 3. www.investing.com, 4. www.marketbeat.com, 5. www.investing.com, 6. www.marketbeat.com, 7. www.marketbeat.com, 8. www.marketbeat.com, 9. www.defenseworld.net, 10. www.defenseworld.net, 11. www.marketbeat.com, 12. www.defenseworld.net, 13. finance.yahoo.com, 14. www.marketbeat.com, 15. ycharts.com, 16. timesofindia.indiatimes.com, 17. cryptopotato.com, 18. twelvedata.com, 19. ir.mara.com, 20. bitcoinist.com, 21. ir.mara.com, 22. ir.mara.com, 23. 247wallst.com, 24. 247wallst.com, 25. 247wallst.com, 26. www.marketbeat.com, 27. ir.mara.com, 28. ir.mara.com, 29. ir.mara.com, 30. www.coindesk.com, 31. www.defenseworld.net, 32. www.marketbeat.com, 33. www.marketbeat.com, 34. cryptobriefing.com, 35. seekingalpha.com, 36. ycharts.com, 37. ir.mara.com, 38. www.marketbeat.com, 39. ir.mara.com, 40. www.defenseworld.net
