MARA Holdings, Inc. (NASDAQ:MARA) closed Thursday's trading session at $12.40, marking a decline of 97 cents, or 7.26%. The drop extended a four-day losing streak that has erased 14.7% of the stock's value since its June 26 close of $14.54. Trading volume reached 50.63 million shares, approximately 116% of the 65-day average, according to MarketWatch. The stock fluctuated between an intraday low of $11.98 and a high of $14.09.
The broader market showed mixed results on Thursday. The Nasdaq Composite fell 0.8%, while the Russell 2000 declined 0.55%. The S&P 500 closed flat at 7,483.24, and the Dow Jones Industrial Average rose 1.1% to a record high of 52,900.07. U.S. stock and options markets will be closed Friday in observance of Independence Day, with the next trading session scheduled for Monday.
Insider Transactions and Tax Withholding
Form 4 filings submitted on July 2 revealed that 145,540 shares were withheld at a price of $13.89 to cover tax obligations related to the vesting of restricted stock awards. The transactions involved CEO Fred Thiel, CFO Salman Hassan Khan, and General Counsel Zabi Nowaid, with all shares withheld on July 1. No open-market sales were reported. At the $13.89 withholding price, the total value of the withheld shares amounts to approximately $2.0 million. MARA's Thursday close of $12.40 sits about 11% below that reference price, a spread that investors will watch closely as trading resumes next week.
Long Ridge Energy Acquisition Highlights
In April, MARA announced a deal to acquire Long Ridge Energy & Power from FTAI Infrastructure Inc. (NASDAQ:FIP) for approximately $1.5 billion, including the assumption of about $785 million in debt. Long Ridge's assets include a 505-megawatt natural gas facility in Hannibal, Ohio, and over 1,600 acres where MARA plans to develop a data-center campus. CEO Fred Thiel stated in a Reuters interview that the site "has all the key components for us, for the ideal data center campus" and that MARA expects "to have a tenant lined up" as the deal closes.
A June 25 8-K filing provided additional financial details. For the first quarter of 2026, MARA reported revenue of $174.6 million and an adjusted EBITDA loss of $1.04 billion. In contrast, Long Ridge posted Q1 revenue of $62.0 million and adjusted EBITDA of $25.4 million. The same filing indicated that MARA produced 3,805 bitcoin through May 31, averaging 25.2 bitcoin per day, with 70.7 EH/s of energized hashrate.
Valuation and Market Implications
On an annualized basis, Long Ridge's Q1 adjusted EBITDA of $25.4 million translates to roughly $101.5 million. This implies that the $1.5 billion acquisition price values Long Ridge at approximately 15 times that run-rate, before accounting for purchase price adjustments or potential lease income from a data center tenant. The deal remains subject to closing and regulatory approvals, as noted in the 8-K filing.
Bitcoin traded lower on Friday, and shares of other crypto miners such as Riot Platforms (NASDAQ:RIOT), CleanSpark (NASDAQ:CLSK), IREN (NASDAQ:IREN), and TeraWulf (NASDAQ:WULF) also declined, indicating that the sell-off was not limited to MARA. Crypto markets remained open during the U.S. holiday, but MARA and its peers had already dropped ahead of the break.
As the market reopens on Monday, MARA will trade with key reference points: Thursday's low of $11.98, the closing price of $12.40, and the insider withholding price of $13.89. The divergence between the stock's current level and the tax-related price could influence investor sentiment in the coming sessions.
