MARA Holdings' stock experienced a significant 5.12% decline during Thursday's trading session, as the company announced a consent solicitation related to its planned acquisition of Long Ridge Energy & Power.

The digital energy infrastructure firm revealed that its subsidiary, MARA USA Corporation, has commenced a consent solicitation to amend the indenture governing $600 million of 8.750% Senior Secured Notes due 2032 issued by Long Ridge Energy LLC. The proposed amendments seek to exclude MARA's acquisition of Long Ridge from triggering a "Change of Control" provision that would otherwise require repurchasing the notes at 101% of their principal value.

MARA is offering note holders a consent fee of $2.50 per $1,000 principal amount to approve the amendments, which would only become operative upon the closing of the acquisition expected in the second half of 2026. Market participants appear to have reacted negatively to this corporate action, potentially concerned about the financial implications and complexity of the transaction.