Wu learned that Matthew Sigel, Head of Digital Asset Research at VanEck, stated that Strategy's sale of approximately $135 million worth of Bitcoin last week did not utilize the previously announced $1.25 billion BTC Monetization Program quota. According to Strategy's latest 8-K filing, the program only applies to Bitcoin sales conducted to fund the USD Reserve, and as of July 5, the full $1.25 billion quota remains available. Sigel believes that the Bitcoin sold last week was used to directly pay preferred stock dividends, thus falling outside the scope of this program, meaning the actual amount of Bitcoin Strategy could sell may be higher than the commonly understood $1.25 billion.