<SEC-DOCUMENT>0001493152-25-021592.txt : 20251110
<SEC-HEADER>0001493152-25-021592.hdr.sgml : 20251110
<ACCEPTANCE-DATETIME>20251110193827
ACCESSION NUMBER:		0001493152-25-021592
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20251106
FILED AS OF DATE:		20251110
DATE AS OF CHANGE:		20251110

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Thiel Frederick G
		CENTRAL INDEX KEY:			0001567383
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36555
		FILM NUMBER:		251467927

	MAIL ADDRESS:	
		STREET 1:		1010 SOUTH FEDERAL HIGHWAY
		STREET 2:		SUITE 2700
		CITY:			HALLANDALE BEACH
		STATE:			FL
		ZIP:			33009

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARA Holdings, Inc.
		CENTRAL INDEX KEY:			0001507605
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				010949984
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1010 SOUTH FEDERAL HIGHWAY
		STREET 2:		SUITE 2700
		CITY:			HALLANDALE BEACH
		STATE:			FL
		ZIP:			33009
		BUSINESS PHONE:		(800) 804-1690

	MAIL ADDRESS:	
		STREET 1:		1010 SOUTH FEDERAL HIGHWAY
		STREET 2:		SUITE 2700
		CITY:			HALLANDALE BEACH
		STATE:			FL
		ZIP:			33009

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MARATHON DIGITAL HOLDINGS, INC.
		DATE OF NAME CHANGE:	20210315

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Marathon Patent Group, Inc.
		DATE OF NAME CHANGE:	20130222

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	American Strategic Minerals Corp
		DATE OF NAME CHANGE:	20111213
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>ownership.xml
<DESCRIPTION>4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-11-06</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001507605</issuerCik>
        <issuerName>MARA Holdings, Inc.</issuerName>
        <issuerTradingSymbol>MARA</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001567383</rptOwnerCik>
            <rptOwnerName>Thiel Frederick G</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O MARA HOLDINGS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>1010 SOUTH FEDERAL HIGHWAY, SUITE 2700</rptOwnerStreet2>
            <rptOwnerCity>HALLANDALE BEACH</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>33009</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Executive Officer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2025-11-06</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>27316</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>17.81</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3610499</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Reflects shares of the issuer's common stock withheld to cover the reporting person's tax liability in connection with the vesting of restricted stock units. This transaction was not an open market sale by the reporting person.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Zabi Nowaid, Attorney-in-Fact for Fred Thiel</signatureName>
        <signatureDate>2025-11-10</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
