MARA Holdings, Inc. (NASDAQ: MARA) is starting the week in a familiar place for crypto-linked equities: caught between the gravitational pull of Bitcoin’s price and the market’s rising obsession with “AI infrastructure” as the next revenue engine.

As of Dec. 15, 2025, MARA shares were around $11.52 in recent trading, down about 2.7% from the prior close, after touching roughly $11.57 intraday highs and $11.21 lows. In premarket pricing tracked by StockAnalysis, MARA was shown near $11.45 earlier in the session. ^[1]

Meanwhile, Bitcoin hovered around $89,421—a psychologically important zone after multiple waves of risk-on/risk-off whiplash this quarter.

That combination—MARA near the low teens, BTC flirting with $90,000—is…