Samson Mow says Bitcoin (BTC) treasury companies need full optionality, arguing Strategy can sell coins without breaking its long-running accumulation thesis.
Mow Defends Strategy
Mow, the Jan3 chief executive, posted his case on X on May 7, pushing back at the rigid "never sell" line that has shaped corporate Bitcoin culture.
He said the goal of a public Bitcoin treasury company is to protect shareholders, not to vow eternal holding.
The remarks land days after Michael Saylor told Strategy's first-quarter earnings call that the firm would probably sell some Bitcoin to fund dividends.
According to reporting by CNBC, Strategy posted a $12.54 billion quarterly net loss and faces roughly $1.5 billion in annual dividend and interest obligations.
Mow argued that ruling out sales hands short sellers and arbitrageurs a clean playbook. Public markets, he wrote, are war, and a company needs every tool available.
He cited Adam Back's BSTR structure as a clearer template, noting it allows Bitcoin sales to repurchase shares when they trade below mNAV. He also pointed to his own Bitcoin Bonds design, which bakes in scheduled BTC sales after a five-year lockup to return capital to bondholders.
Also Read: Ethereum Targets $2,400 As Binance Futures Momentum Turns Bullish
Saylor Pivot Reaction
The pivot from Strategy has unsettled a corner of the market that bought MSTR specifically because management vowed never to part with a satoshi. Mow's intervention reads as a defense of the new posture.
He said gross sales and net accumulation are different things, and a company can sell some coins while still stacking more over time.
Mow also flagged Saylor's own April language, which described a "BTC Breakeven ARR" near 2.05%.
The implication, Mow said, was always that Bitcoin itself could cover dividends, which means selling some.
For individual holders, Mow kept the message tighter, saying the rule of thumb is to avoid selling without reason, not to take coins to the grave.
Strategy Recent Moves
Polymarket traders are now pricing a 42% probability that Strategy will sell Bitcoin before year-end, according to data cited by Coingape. MSTR shares fell more than 4% in after-hours trading after Saylor's May 5 remarks, before recovering.
Saylor has spent recent weeks reshaping the firm's capital stack. Strategy proposed shifting STRC dividend payments to a semi-monthly schedule in late April, keeping the 11.5% annualized rate intact while smoothing volatility around ex-dividend dates.
The company holds 818,334 BTC at an average cost of $75,537 per coin, with Bitcoin trading near $80,456 at press time.
Read Next: B3 Token Rockets 249% In 24 Hours, Outpacing Every Trending Crypto Coin
