Samara CEO Criticizes Bitcoin Treasury Model for Harm to Shareholder Interests

According to Huoxing Finance, Patrick Lowry, CEO of Samara Asset Group, an asset management company that holds Bitcoin as its primary treasury reserve, said he dislikes the term “Bitcoin treasury company” and believes the current market is rejecting all pure treasury strategies except Strategy. He called “digital gold” poor marketing, turning Bitcoin into an investment asset rather than a currency—a reason why Bitcoin’s price dropped when the Federal Reserve discussed rate hikes. Lowry explained that Samara uses Bitcoin as working capital, not merely as a held reserve. The company allocates committed venture capital funds into Bitcoin and liquidates them at market price when capital calls are due, regardless of price levels. He noted that holding Bitcoin presents a hurdle rate issue that could harm shareholder interests. He also discussed MSCI’s decision regarding non-operating companies, loopholes in the Investment Company Act of 1940, and potential repercussions if altcoin treasuries trigger a backlash. Lowry further criticized the European regulatory environment for regressing, mentioning BaFin, the first Bitcoin ETP, and excessive regulation in the post-Merkel era.