I wish I could say I'm surprised, but I think it comes down to exposure as you mentioned. That said, at least we know management is executing and their game plan is solid. There isn't any good reason for anyone to sell shares at this point, more a matter of finding buyers imo. I think the AAPL SIRI suit should bring more investors once it gets more press.
The fresh VRNG news may scare off some investors as well. Althouth it should serve as further proof as to why MARA is possibly the safest r/r IP play out there.