{"id":75114,"date":"2026-07-08T10:05:42","date_gmt":"2026-07-08T10:05:42","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/saylors-strategy-sold-135-million-in-bitcoin-without-tapping-its-1-25-billion-monetization-program\/"},"modified":"2026-07-08T10:05:42","modified_gmt":"2026-07-08T10:05:42","slug":"saylors-strategy-sold-135-million-in-bitcoin-without-tapping-its-1-25-billion-monetization-program","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/saylors-strategy-sold-135-million-in-bitcoin-without-tapping-its-1-25-billion-monetization-program\/","title":{"rendered":"Saylor&#8217;s Strategy Sold $135 Million in Bitcoin Without Tapping Its $1.25 Billion Monetization Program"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Vaneck\u2019s Matthew Sigel says Strategy\u2019s $135M July bitcoin sale left its $1.25B monetization program untouched.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Strategy sold 3,588 BTC for about $216M between June 29 and July 5 to fund preferred stock dividends.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Sigel called Strategy \u2018a hedge fund\u2019 trading its own capital stack and bitcoin, saying he pays a low P\/E for it.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>On Strategy\u2019s Side, Somewhat<\/h2>\n<p>Strategy Inc.\u2019s (Nasdaq: MSTR) latest <span>bitcoin<\/span> sales did not count against the company\u2019s previously announced $1.25 billion <span>BTC<\/span> Monetization Program, according to Vaneck Head of Digital Assets Research Matthew Sigel. That means the full $1.25 billion in board-authorized selling capacity remains available even after the company parted with roughly $135 million in <span>bitcoin<\/span> last week.<\/p>\n<figure id=\"attachment_829515\" aria-describedby=\"caption-attachment-829515\" style=\"width:1106px\" class=\"wp-caption aligncenter\"><figcaption id=\"caption-attachment-829515\" class=\"wp-caption-text\">Image source: X<\/figcaption><\/figure>\n<p>The company first sold 1,363 <span>BTC<\/span> at an average price of $59,256, then another 2,225 <span>BTC<\/span> at an average of $60,773. Proceeds went toward preferred stock distributions and replenishing the company\u2019s USD reserve to $2.55 billion.<\/p>\n<p>Sigel has been blunt about what the shift means for how investors should value the company. Speaking on Scott Melker\u2019s podcast on Sunday, the Vaneck executive said:<\/p>\n<blockquote>\n<p>\u201cYou\u2019re buying a hedge fund that can trade five things: its own capital stack and <span>Bitcoin<\/span>. What P\/E do you pay for such a hedge fund? I pay very low.\u201d<\/p>\n<\/blockquote>\n<h2>Two Buckets of Selling Power<\/h2>\n<p>The <span>BTC<\/span> Monetization Program is a capital management framework Strategy\u2019s board approved that permits but does not require the company to sell <span>bitcoin<\/span> to raise as much as $1.25 billion for its reserve, preferred dividend and interest payments, or repurchases of its digital credit securities and common stock. Sigel\u2019s point is that last week\u2019s sales were executed outside that program, meaning Strategy retains the entire authorization as dry powder.<\/p>\n<p>Taken together, the two mechanisms give the company far more selling flexibility than many shareholders assumed it would ever use. For years, executive chairman Michael Saylor insisted the company would never sell its <span>bitcoin<\/span>, a stance he formally abandoned this year.<\/p>\n<p>The recent sales trimmed Strategy\u2019s holdings from 847,363 <span>BTC<\/span> to roughly 843,775 <span>BTC<\/span>, still far ahead of any other corporate treasury. The company faces about $1.5 billion in annual dividend obligations across its preferred stock instruments, obligations its software business alone cannot cover.<\/p>\n<h2>Analysts Split on the New Strategy<\/h2>\n<p>Not everyone views the formalized selling framework as benign, given JPMorgan analysts have noted that codifying a <a href=\"https:\/\/www.binance.com\/en\/price\/bitcoin\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">bitcoin<\/a> sale policy introduces \u201cavoidable two-way risk\u201d into <a href=\"http:\/\/www.bitcoin.com\/get-started\/a-quick-introduction-to-crypto\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">crypto<\/a> markets. Grayscale, by contrast, argued the $216 million sale \u201c<a href=\"https:\/\/news.bitcoin.com\/grayscale-strategy-bitcoin-sale-reduces-tail-risk\/\">reduces tail risk<\/a>\u201d by pre-funding roughly 17 months of dividends and easing pressure for forced selling into weakness.<\/p>\n<p>In Sigel\u2019s telling, Strategy is no longer a pure leveraged <a href=\"https:\/\/www.binance.com\/en\/price\/bitcoin\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">bitcoin<\/a> proxy but an actively managed vehicle that trades its common stock, four preferred instruments, and its <a href=\"https:\/\/www.binance.com\/en\/price\/bitcoin\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">bitcoin<\/a> stack against one another (a machine that can create value in both directions, but one that deserves a lower multiple than a growth company). In any case, the coming few weeks will be interesting, to say the least.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/vaneck-strategy-bitcoin-sale-monetization-program\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Vaneck\u2019s Matthew Sigel says Strategy\u2019s $135M July bitcoin sale left its $1.25B monetization program untouched. Strategy sold 3,588 BTC for about $216M between June 29 and July 5 to fund preferred stock dividends. Sigel called Strategy \u2018a hedge fund\u2019 trading its own capital stack and bitcoin, [&hellip;]<\/p>\n","protected":false},"author":3947362404,"featured_media":75115,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/75114"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362404"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=75114"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/75114\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/75115"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=75114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=75114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=75114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}