Bitcoin Price Dips Amid Reported Selling Pressure from MARA and Strategy

Bitcoin's price slipped by nearly 2% on Monday to below $64,000, following reports of selling pressure from two key players in the crypto space: MARA Holdings and Strategy.

MARA Holdings, a company that focuses on digital assets, revealed in its quarterly Form 10-Q filing with the SEC that it had sold around 23,093 Bitcoin for $1.627 billion in the first half of this year. This move is part of the company's strategy to sell both newly mined and existing Bitcoin.

The sales helped fund ongoing operations, growth opportunities, and liquidity management. As of June 30, MARA held approximately 35,577 BTC with a fair value of $2.1 billion. The company emphasized that it may continue to hold Bitcoin for long-term investment purposes while selling from time to time based on market conditions.

MARA shares dropped by 6.4% to $9.44 at the time of writing on Monday.

In related news, Strategy, a Bitcoin treasury firm, disclosed the sale of 1,690 BTC last week, generating $108.6 million in proceeds. The company used these funds to repurchase shares of its STRC variable-rate preferred stock and allocate cash reserves.