Strategy's $135M Bitcoin Sale Does Not Count for Monetisation Programme

The recent Bitcoin sale by Strategy worth $135 million does not count towards the previously announced $1.25 billion BTC Monetization Program. This is according to Matthew Sigel, head of digital assets research at VanEck. His explanation means that Strategy’s actual Bitcoin selling capacity is larger than the market has assumed so far.

Bitcoin is available at OKX and Bybit.

Why the sale falls outside the program

Last week, Strategy sells a large amount of Bitcoin for the first time, but according to Sigel, that transaction has nothing to do with the BTC Monetization Program. The program is solely intended for Bitcoin sales that serve to replenish the company’s USD Reserve. However, last week’s sale was used to directly pay dividends on preferred shares, and that falls outside the scope of the program.

Strategy’s most recent Form 8-K shows that the full $1.25 billion in selling capacity within the monetisation programme remains untouched as of 5 July 2026. The USD Reserve stood at $2.55 billion at that time. This means that Strategy still has the full capacity to sell Bitcoin through this programme on top of any future sale transactions outside the programme.

More selling capacity than the market thinks

Sigel points out that many market participants assume that Strategy can sell a maximum of $1.25 billion in Bitcoin. That assumption is incorrect according to his analysis. Direct dividend payments fall outside the programme and therefore do not count towards that ceiling. The company’s actual selling capacity is therefore higher than the figure that appears widely in the news.

This distinction is relevant for investors who monitor Strategy’s Bitcoin positions and financial moves. The Bitcoin price currently stands at $62K, a decline of 1.6% over the past 24 hours. Whether the clarification around Strategy’s sales programme will have an impact on market sentiment around Bitcoin remains to be seen.