Samson Mow, a prominent Bitcoin advocate and former Blockstream executive, has publicly defended the possibility that Strategy — the corporate Bitcoin treasury giant formerly known as MicroStrategy — may sell portions of its massive Bitcoin holdings. The defense follows comments from Strategy co-founder Michael Saylor during the company’s first-quarter earnings call on Tuesday, in which Saylor signaled a significant departure from his long-standing “never sell” rhetoric.
Optionality over dogma
Speaking in response to Saylor’s remarks, Mow argued that maintaining flexibility is critical for any publicly traded company, especially one as closely watched as Strategy. “Never selling limits optionality. Public markets are war. In war, you need all available tools at your disposal,” Mow said. He elaborated that a company with real optionality is harder for short sellers and arbitrageurs to game, because it can respond dynamically to market conditions.
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Strategy is the largest publicly traded Bitcoin treasury company, holding 818,334 BTC at the time of writing, according to BitcoinTreasuries. Any significant sale could have a measurable impact on spot Bitcoin prices, a concern raised by some crypto market analysts.
Saylor’s dividend plan and the breakeven calculation
During the earnings call, Saylor outlined a plan that could involve selling some Bitcoin to fund a dividend, a move he described as a way to “inoculate the market.” He stated that if Bitcoin appreciates by more than 2.3% annually, the company could fund dividends indefinitely without selling additional stock. “We could stop selling MSTR common stock right now,” Saylor said, adding, “We can fund the dividends with Bitcoin sales.”
Strategy’s average cost basis for its Bitcoin holdings is $75,537 per BTC. At the time of reporting, Bitcoin was trading at approximately $79,976, according to CoinMarketCap, placing the company’s holdings in a modest unrealized profit position.
Market and investor implications
The potential shift in Strategy’s approach comes amid ongoing debate about the company’s use of debt and equity to fund Bitcoin purchases — a strategy that has raised concerns over shareholder dilution and apply. Saylor’s comments suggest a possible evolution in the company’s capital allocation strategy, moving from pure accumulation to a more balanced model that includes shareholder returns.
For the broader crypto market, any sale by Strategy could be interpreted as a signal that even the most committed corporate Bitcoin holder sees value in liquidity. However, Mow’s framing — that optionality is a strength, not a weakness — may help temper negative sentiment among Bitcoin maximalists.
Conclusion
Samson Mow’s defense of Strategy’s potential Bitcoin sales reflects a pragmatic view of corporate treasury management in volatile public markets. While the company’s long-standing “never sell” stance has been a cornerstone of its brand, Saylor’s recent comments indicate a willingness to adapt. Whether this shift will reassure or unsettle investors remains to be seen, but it marks a notable evolution in the narrative around corporate Bitcoin holdings.
FAQs
Q1: Why is Samson Mow defending Strategy’s potential Bitcoin sales?
Mow argues that maintaining optionality is vital for a public company, as it allows Strategy to respond to market dynamics and short sellers. He believes a rigid “never sell” policy can be exploited by adversaries.
Q2: What did Michael Saylor say about selling Bitcoin?
During Strategy’s Q1 earnings call, Saylor said the company might sell some Bitcoin to fund dividends, describing it as a way to “inoculate the market.” He claimed that if Bitcoin appreciates by more than 2.3% annually, dividends could be funded indefinitely.
Q3: How much Bitcoin does Strategy currently hold?
As of the time of writing, Strategy holds 818,334 BTC, making it the largest publicly traded corporate Bitcoin holder. Its average purchase price is $75,537 per BTC.
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