Mow Defends MicroStrategy Selling Bitcoin to Preserve Optionality

Samson Mow defended MicroStrategy’s suggestion that it could sell portions of its 818,334‑bitcoin treasury, saying co-founder Michael Saylor’s comments during the company’s first‑quarter earnings call preserve strategic optionality.

Mow argued that signalling the possibility of sales gives MicroStrategy more flexibility in public markets. During the earnings call, Saylor told investors, “We’ll probably sell some Bitcoin to fund a dividend, just to inoculate the market, just to send the message that we did it,” and added the company could fund dividends “forever” if Bitcoin appreciates more than 2.3% annually.

Mow described optionality as a defensive corporate tool. “Never selling limits optionality. Public markets are war. In war, you need all available tools at your disposal,” he said, and added that a wider set of options reduces avenues for short sellers and arbitrageurs.

He outlined the choices MicroStrategy could use, including selling holdings, hedging positions, issuing securities or buying more Bitcoin. Mow said a company that keeps its tactics flexible is harder for traders to predict and better able to respond to market changes.

MicroStrategy holds 818,334 bitcoins, the largest corporate Bitcoin treasury among publicly traded firms, according to public holdings data. The company reports an average acquisition cost of $75,537 per coin. At the time of the earnings call, Bitcoin traded near $79,976, leaving the portfolio’s market value above the reported average cost.

Saylor proposed using Bitcoin gains to support shareholder returns. He said if Bitcoin grows at the assumed rate, the company could fund dividends without issuing more common stock and could issue STRC preferred stock while still increasing Bitcoin holdings if prices remain favorable.

Some market participants warned that large corporate liquidations could put downward pressure on spot prices. Investors have also questioned MicroStrategy’s financing methods; the company has financed many Bitcoin purchases through a mix of corporate debt and equity issuance, which can raise concerns about shareholder dilution and leverage.

The comments from Saylor and Mow renewed discussion among investors and analysts about how public companies disclose plans for large crypto holdings and how they balance shareholder returns with potential market impact and financing risks.