Samson Mow has defended Strategy against criticism over comments suggesting the company could eventually sell part of its Bitcoin holdings to cover dividend obligations.
In a post shared on X on May 7, Mow argued that publicly traded companies holding large amounts of Bitcoin need operational flexibility to protect shareholders, even if that occasionally involves selling BTC.
Treasury Companies Need Flexibility
According to Mow, the popular “never sell” philosophy was originally intended as guidance for individual Bitcoin holders rather than a strict rule for corporations managing treasury assets.
He explained that long term holders should avoid selling Bitcoin unnecessarily whenever possible, but emphasized that corporate treasury management operates under entirely different conditions.
Mow argued that a company publicly committing to only accumulating Bitcoin creates opportunities for short sellers and arbitrage traders to exploit predictable behavior.
In his view, maintaining flexibility gives companies more strategic options and makes them harder for market participants to manipulate.
He explained that a company with real optionality may choose to sell, hedge, issue securities, or buy additional Bitcoin depending on market conditions and shareholder interests.
According to Mow, Strategy’s primary responsibility should not be adhering to slogans but protecting and benefiting its investors.
The JAN3 executive pointed to his own experience structuring Bitcoin backed bonds for nation states. He noted that some of these financial products include scheduled Bitcoin sales after lockup periods, allowing issuers to return capital to bondholders. Without that mechanism, he argued, such instruments would not function effectively.
Mow also compared the structure to Strategy’s STRC preferred stock product, which he described as a vehicle designed to reduce Bitcoin volatility exposure while still giving investors access to potential upside gains.
Saylor’s Comments Fuel Debate
Mow additionally referenced comments from Michael Saylor, who recently stated that Strategy’s annual Bitcoin breakeven return rate is approximately 2.05%.
According to Saylor, if Bitcoin appreciates faster than that rate, the company could theoretically cover dividend payments through BTC sales without diluting shareholders through additional stock issuance.
When one social media user argued that Saylor deserved criticism because he helped popularize the “never sell” narrative, Mow responded that corporate strategy should not be based on catchy podcast statements.
Questions Grow Around STRC and Dividend Sustainability
The discussion comes as Strategy continues expanding its use of preferred stock offerings, particularly through its STRC product.
In its Q1 2026 earnings report, Strategy disclosed a loss of approximately $12.5 billion while revealing that STRC issuance had reached $8.5 billion. The company also stated that it has raised nearly $12 billion so far this year.
Critics, however, continue to question whether the company’s model relies too heavily on issuing new financial products.
Peter Schiff recently criticized STRC, describing it as an “obvious Ponzi scheme” and arguing that Strategy lacks sufficient operating income outside its software business to sustainably support dividend payouts.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
