Samson Mow has come out in defense of Strategy potentially selling portions of its bitcoin treasury, framing the move as a matter of strategic optionality rather than a retreat from its core thesis.
Mow was responding to comments made by Strategy co-founder Michael Saylor during the company’s first-quarter earnings call, where Saylor signaled the firm might sell some BTC in the future — a notable shift from his long-standing “never sell” rhetoric.
Mow’s case for keeping options open
Mow argued that publicly committing to never sell actually weakens a company’s position in capital markets.
He stated:
“Never selling limits optionality. Public markets are war. In war, you need all available tools at your disposal. The more tools Strategy holds, the fewer angles its adversaries have. A company with real optionality is hard to game: it might sell, hedge, issue, or buy. A company that has publicly vowed to only ever do one thing has handed a map to short sellers and arbitrageurs.”
Saylor’s dividend plan
During the earnings call, Saylor outlined a scenario where bitcoin appreciation alone could sustain the company’s dividend obligations indefinitely.
He said:
“We’ll probably sell some Bitcoin to fund a dividend, just to inoculate the market, just to send the message that we did it.”
Saylor added that if bitcoin appreciates by more than 2.3% annually, Strategy could fund dividends “forever” without selling a single share of MSTR stock.
Strategy’s current position
Strategy holds 818,334 BTC, making it the largest publicly traded bitcoin treasury company.
The firm’s average cost basis sits at $75,537 per coin, while bitcoin was trading around $79,976 at the time of writing — leaving the position modestly in profit.
Strategy funds its bitcoin purchases through a mixture of corporate debt and equity instruments, a practice that has drawn scrutiny over shareholder dilution and leverage.
