Strategy's $135M Bitcoin sale was classified as a dividend payment, not part of its $1.25B BTC Monetization Program, VanEck's Sigel clarified.

The Bitcoin treasury giant sold $216 million worth of Bitcoin to cover preferred payouts, as an $8.3 billion quarterly loss piled up.

Strategy's mNAV ratio fell below 1.0 as its enterprise value dropped under its Bitcoin holdings. The company sold BTC for the first time in four years.