Matthew Sigel, Head of Digital Asset Research at VanEck, a Bitcoin ETF issuer, analyzed that MicroStrategy's (NASDAQ: MSTR) recent BTC sale may have been a separate action from the previously disclosed $1.25 billion monetization program. He stated, "According to MicroStrategy's reporting materials submitted to the U.S. Securities and Exchange Commission (SEC) the day before, the remaining limit of the $1.25 billion BTC sale program has not changed. This is because the program only includes BTC sales to secure cash reserves. BTC sales for direct dividend payments are excluded from the program's scope," and warned, "Therefore, MicroStrategy's actual capacity to sell BTC could be greater than the $1.25 billion perceived by the market."
