Samson Mow has disputed the idea that selling Bitcoin would necessarily be a strategy And undermining her own treasury thesisArguing that Bitcoin treasury companies need flexibility to protect shareholders and manage general market pressures.
On May 7th mail At X, Mo said that the debate over Bitcoin corporate treasuries has become too stagnant. While many bitcoin holders treat selling as a last resort, he said companies operating in public markets face a different set of restrictions compared to individual investors.
“Bitcoin selling strategy is not a bad thing,” Mo wrote. “There are different schools of thought on this topic, but I actually believe that Bitcoin treasury companies should sell Bitcoin when justified. The goal should not be to never sell Bitcoin, but to benefit and protect shareholders.”
Why selling Bitcoin in strategy is not bad
Mao’s argument focuses on voluntariness. In his opinion, Bitcoin Treasury Company Rules that exclude selling publicly in all circumstances give investors, short sellers and arbitrageurs a clearer playbook. A company that can sell, hedge, issue or buy back shares or accumulate more Bitcoin is difficult to counter.
“Selling never limits optionality,” Moe said. “Public markets are war. In war, you need all the tools at your disposal.”
He framed the issue not as a rejection of Bitcoin accumulation, but as a matter of corporate strategy. The strategy, led by Michael Saylor, has become the most closely watched public market Bitcoin instrument, and any discussion of potential Bitcoin sales carries weight due to the company’s role as a proxy for institutional exposure to Bitcoin.
Mao argues that the more tools a strategy provides, the fewer angles opponents have. He said the company, which pledges to “just do one thing,” offers an effective map for those trying to trade against it. By contrast, removing self-imposed restrictions makes it more difficult to bet on corporate treasuries.
He also pointed out Adam BuckThe BSTR architecture is an example of a clearer framework. According to Mao, BSTR told investors that if shares trade below MNAV, selling Bitcoin to buy back shares is on the table. The implication is that bitcoin sales could be part of a shareholder protection mechanism rather than a retreat from the basic thesis.
Mao linked this point to his previous work on Bitcoin bonds. He said the instruments he designed included scheduled bitcoin sales after a five-year hiatus, allowing issuers to return capital and share the value with bondholders.
“until Bitcoin bonds “Scheduled Bitcoin sales are built into the design,” Mo wrote. “After a five-year hiatus, the issuer begins selling Bitcoin to return capital and share the value with bondholders. Without this mechanism, the instrument cannot function.”
For Mao, the main distinction is between gross sales and net accumulation. He said the structure could sell Bitcoin at certain points and still leave the issuer with more Bitcoin over time. He applied the same logic to the strategy, saying that scheduled or conditional sales would not necessarily conflict with the broader accumulation strategy.
Mao also cited language recently used by Saylor as evidence that the market should not be surprised by this possibility. In April, Saylor wrote that the strategy’s “BTC Breakeven ARR” was about 2.05%, adding that if Bitcoin grew faster than that over time, the company could cover the dividend indefinitely without issuing new MSTR shares.
“This means that Bitcoin can cover the dividends, which means selling Bitcoin to cover the dividends,” Mo said.
This is the most sensitive part of the discussion. For many Bitcoin holders, the phrase “don’t sell your Bitcoin” has become a central rule of asset culture. Mao did not reject this idea outright, but he narrowed its scope.
“As a HODLer, you shouldn’t sell your Bitcoin for no reason. Avoid selling it if you can. That’s the message. It’s not literally ‘never sell and take it to the grave’. You should of course sell it and use it for important things in your life.”
His conclusion was that Bitcoin treasury companies require a different operating doctrine. “Never sell,” in Mao’s framework, is a general rule, not a binding corporate charter. For similar strategies and tools, the ability to sell Bitcoin when needed may be part of the mechanism that always maintains the structure and not a sign of failure of the thesis.
At press time, Bitcoin was trading at 81,469.
Featured image created with DALL.E, a chart from TradingView.com
Editing process Bitcoinist focuses on providing well-researched, accurate, and unbiased content. We adhere to strict sourcing standards, and every page is carefully reviewed by our team of senior technology experts and experienced editors. This process ensures the integrity, relevance, and value of our content to our readers.
