Thiel filed notice on 2 November 2026 to sell 27,505 MARA shares, about $186,759, through The Thiel Living Trust, under a Rule 10b5-1 plan adopted 9 June 2026. The shares came from a restricted-stock vest dated 1 May 2024.

A bitcoin-miner CEO selling the day after a weak tape, through a trust, is exactly the shape of thing this report exists to look at twice. I looked, and there is nothing in it.

• The share count is identical every time. 27,505 on 17 August, 27,505 on 17 September, 27,505 on 1 October, 27,505 on 2 November. A seller acting on a view varies size. This one cannot.
• The proceeds are not identical — $253,321, $314,932, $308,606, then $186,759. That is decisive: a plan set in dollars would hold proceeds constant and vary the share count. This one holds the share count constant and lets proceeds swing with the stock, which is a vesting-liquidation schedule and cannot encode a price view.
• The acquisition date predates the plan by two years. A 2024 vest liquidated on a 2026 schedule is compensation being converted to cash, not a position being exited.

The falling proceeds track MARA, not Thiel. The obvious reading — mechanical, informationless — is the correct one, and the fourth-column arithmetic is why.