Bitcoin advocate Samson Mow has defended MicroStrategy’s corporate strategy amid criticism over its potential future Bitcoin sales. Mow argues that public treasury companies require flexibility, including the option to sell BTC, to protect shareholders and avoid being exploited by short sellers. The debate centers on MicroStrategy’s growing use of preferred stock and its stated intent to eventually sell Bitcoin to fund shareholder dividends.
Bitcoin proponent Samson Mow has responded to criticism that MicroStrategy betrayed its principles by planning future Bitcoin sales. He stated that corporate strategy cannot be driven by “cool soundbites from a pod,” referencing the firm’s earlier “never sell” stance.
Mow argued that guidance against selling was for individual holders, not public companies. “As an individual HODLer you shouldn’t sell your Bitcoin for no reason. Avoid selling if you can. That is the message,” he wrote in a post on X.
He contends a public company vowing never to sell gives a tactical advantage to its opponents. “A company that publicly commits to only ever accumulating BTC will give short sellers and arbitrageurs more angles to exploit,” Mow stated.
For a treasury firm, the primary goal is protecting shareholders, not holding Bitcoin indefinitely. Mow emphasized that corporate optionality, including the ability to sell or hedge, makes a company harder to game in financial markets.
He drew parallels to Bitcoin bonds he designed, which have scheduled sales built into their structure. Mow said such a mechanism is necessary for the financial instrument to function, similar to MicroStrategy‘s STRC preferred stock.
The STRC instrument is designed to provide Bitcoin’s upside without its volatility. MicroStrategy Executive Chairman Michael Saylor has noted the company’s Bitcoin breakeven annual return rate is approximately 2.05%, implying sales above that growth rate can fund dividends.
Scrutiny of the company’s model has intensified alongside its securities issuance. In its Q1 2026 report, MicroStrategy disclosed an $8.5 billion STRC issuance and a quarterly loss of $12.5 billion.
Critics, including economist Peter Schiff, have questioned the sustainability of the dividends. Schiff has previously described the STRC model as an “obvious Ponzi scheme,” citing insufficient operating income outside the software business.
