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The distinction matters because the program caps reserve-funding sales, while direct preferred dividend payments can fall outside that headline figure.
Key Takeaways
- Matthew Sigel said Strategy’s recent BTC sale did not count against the $1.25B program.
- The latest 8-K showed the full monetization capacity remained available as of July 5.
- The sale was tied to preferred stock distributions, not reserve-building capacity.
- Strategy may have more Bitcoin selling flexibility than the headline cap suggests.
Sigel’s Point Changes the Market Read
The market read after Strategy’s Bitcoin sale was simple: the company had started using the $1.25 billion BTC Monetization Program announced in late June. Sigel’s interpretation is more precise. According to him, the recent sale did not reduce that capacity because the program applies to Bitcoin sales used to fund the...
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