Vaneck's Matthew Sigel says Strategy's $135M bitcoin sale didn't count toward its $1.25B monetization program, calling the firm 'a hedge fund.'

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

Strategy sold 3,588 Bitcoin to fund dividends and replenish its US dollar reserve, while Bernstein said the company remains unlikely to become a forced seller.