Matthew Sigel Corrects New York Times: VanEck Bullish on MSTR

Matthew Sigel, the head of digital asset research at VanEck pushed back on a New York Times report about Strategy (MSTR). He said the article mischaracterized CEO Jan van Eck’s comments and left readers with a false impression about VanEck’s stance on Strategy’s Bitcoin treasury model.

Sigel Says Jan Van Eck’s Quote Was Misread on MSTR

A New York Times article examined Michael Saylor’s role in shaping Strategy’s Bitcoin-levered approach. The report also raised doubt that the company’s capital structure could withstand a downturn. It cited Jan van Eck, who said “We’ve stayed away … It’s just publicity,” a quote that some readers took as bearish for MSTR.

Sigel wrote in an X post that the framing is inaccurate. It portrayed Jan van Eck, that story reported, as someone who had “always kept his distance from Strategy, which then fueled the perception that VanEck was dodge responsible for the stock. Sigel said the interpretation was wrong and the firm has raised its exposure in the past few weeks.

He said that Jan van Eck’s quote was talking about VanEck’s own internal strategy, not Strategy itself. The executive also detailed that VanEck is not seeking a digital asset treasury (DAT) strategy as a company policy at this time. He added the comment was not meant to question Strategy’s core foundation or its structure as a Bitcoin linked balance sheet.

VanEck Ramps Up Strategy Exposure

Clients allocated to Exposure to Strategy will continue to be active, Sigel added. VanEck owns about 284,000 shares of MSTR, a position that ranks it in the top 75 shareholders. This position has been ramped up some more, Sigel said.

SEC disclosures support that view. Strategy included among reported holdings on VanEck Associates Corp’s form 13F. The filing states that the exposure to MSTR still exists in VanEck-managed portfolios.

Preferreds are one piece of that risk exposure. VanEck has also previously disclosed ownership of MSTR, STRK and STRF, including Strategy-issued preferred shares. Those securities will be structured to produce fixed cash distributions and be tied to the returns of Strategy’s Bitcoin-tied balance sheet profile.

VanEck analysts describe the structure as meta-stable. The framework links Bitcoin volatility and leveraged exposure with investor demand that enables Strategy to grow its balance sheet. An increasing balance sheet can bolster the strength of Strategy to secure more funds and subsequently buy more Bitcoin.

On Friday, MSTR closed at $173.71. Trading in the after-hours session on Saturday pointed to a 0.32% uptick.