Strategy Inc. (Nasdaq: MSTR) fully preserved its Bitcoin (BTC) Monetization Program of $1.25 billion even after selling about $135 million worth of the cryptocurrency in the last week. The assessment is by Matthew Sigel, head of digital asset research at VanEck, who considers this detail an important factor for understanding the new financial strategy adopted by the company led by Michael Saylor.
According to Sigel, the recent sales were not carried out under the program approved by the board of directors to monetize part of the Bitcoin reserves. In practice, this means the company still has full authorization to sell up to $1.25 billion in BTC if it decides to use this tool in the future.
For the VanEck executive, this distinction changes the way investors should view Strategy. Instead of operating only as a highly Bitcoin-exposed company, the firm has started actively managing different financial instruments to strengthen its capital structure.
During an appearance on Scott Melker’s podcast, Sigel summarized this view when discussing the company’s transformation.
“You’re buying a hedge fund that can trade five things: its own capital structure and Bitcoin. What P/E would you pay for a hedge fund like that? I would pay very little.”
In the executive’s view, Strategy stopped working only as a vehicle for Bitcoin exposure. Today, he said, the company simultaneously manages its common shares, four classes of preferred shares, and its BTC reserve, using each of these assets as needed for financing and liquidity.
The sales made in the previous week reinforce this shift in posture. The company initially traded 1.363 BTC at an average price of $59.256. Then, it sold another 2.225 BTC at an average price of $60.773, raising approximately $135 million.
The funds obtained were directed to the payment of obligations related to the preferred shares and to replenishing the company’s cash reserve, which returned to a level of about $2.55 billion.
The point highlighted by Sigel is that none of these operations used the BTC Monetization Program. Created by the Strategy board, the mechanism authorizes — but does not require — the sale of up to $1.25 billion in Bitcoin to finance the cash reserve, pay dividends on preferred shares, pay interest, or repurchase the company’s notes and shares.
This means that, in addition to the sales already made, the company continues to have all this capacity available if it considers it necessary to resort to the program in the future. In the VanEck analyst’s view, many investors believed that the recent operations had consumed part of that limit, when, in reality, the authorization remains intact.
The new policy also represents an important change compared with Michael Saylor’s historical stance. For years, the chief executive officer argued that Strategy would never sell its bitcoins. In 2026, however, the company began treating its reserve as an asset that can be used to optimize its financial structure when there is an economic justification.
Even after the sales, Strategy remains the largest corporate holder of Bitcoin in the world. Its reserves went from 847.363 BTC to approximately 843.775 BTC, maintaining a wide advantage over any other publicly traded company.
The strategy change, however, divides opinions among analysts. While part of the market understands that formalizing a Bitcoin sales policy creates a new variable for investors to track, others assess that the model reduces the risk of forced liquidations by allowing the company to manage its liquidity with more lead time.
For Sigel, the market also needs to revisit how to price Strategy. In his assessment, the company stopped being only a leveraged proxy of Bitcoin and began operating as an active capital manager, using its financial structure and its position in BTC to pursue efficiency and create value in different market conditions.