Bitcoin advocate Samson Mow has suggested that Strategy could execute an over-the-counter Bitcoin sale to BSTR as a way to increase its U.S. dollar reserve while giving BSTR a larger position among corporate Bitcoin holders.
Mow said Strategy could sell 25,000 BTC to BSTR, allowing BSTR’s reported $1.5 billion in capital to be added to Strategy’s USD reserve. At a Bitcoin price of $60,000, a 25,000 BTC transaction would equal $1.5 billion. According to Mow’s calculation, the move would raise Strategy’s reserve to $2.9 billion and increase BSTR’s holdings from 30,021 BTC to 55,021 BTC.
The comment came as Strategy and its preferred stock instruments faced renewed scrutiny during a period of weaker Bitcoin prices and volatility in MSTR and STRC. Michael Saylor responded separately on X, saying volatility tests every capital structure and that Strategy remains focused on Bitcoin, disciplined capital allocation, credit quality, and long-term value creation.
Samson Mow Proposes OTC Bitcoin Deal With BSTR
Mow framed the proposed transaction as a direct match between Strategy’s need to replenish cash reserves and BSTR’s interest in acquiring more Bitcoin. He said Strategy wants to rebuild its USD reserve, while BSTR wants to buy BTC.
The suggested deal would be an OTC transaction, meaning it would take place privately rather than through public exchange order books. Such transactions are often used for large Bitcoin transfers because they can reduce visible market disruption compared with open-market selling.
Mow also said the transaction could give 25,000 BTC “a good home,” comparing it to selling a classic car to a buyer expected to maintain it. He added that the arrangement would be peer-to-peer, referencing Bitcoin’s original design language.
Mow also noted that CEPO shareholders are scheduled to vote on a merger with BSTR on July 2, adding another event that market participants may monitor.
Strategy Faces Scrutiny Over Reserves and Preferred Shares
The discussion followed pressure on Strategy’s capital structure as MSTR shares and STRC traded near 52-week lows. STRC, Strategy’s variable-rate perpetual preferred stock with a $100 par value, reportedly traded near $74, representing a discount of about 26% to par.
Preferred shares trading below par can affect Strategy’s ability to raise capital through preferred issuance on favorable terms. Strategy has used equity and preferred instruments to raise funds as part of its Bitcoin treasury strategy, but weaker trading levels may reduce the effectiveness of that approach.
As we reported, Bitcoin recently fell toward $58,000, while Strategy holds 847,363 BTC at an average purchase price of about $75,680 per coin. Based on those figures, the company’s Bitcoin position would be below its average acquisition cost during the latest market decline.
Strategy also faces higher preferred dividend obligations, with annual dividend commitments rising from $300 million at the start of 2026 to $1.2 billion, while cash reserves have fallen 38% this year.
Saylor Responds as Schiff Criticizes STRC
Saylor did not address Mow’s OTC proposal directly. His public statement said Strategy remains focused on Bitcoin, disciplined capital allocation, credit quality, and long-term value creation, while continuing to operate with transparency and resolve.
Peter Schiff criticized Saylor’s promotion of STRC, saying Saylor had presented the instrument to risk-averse investors as a way to remove Bitcoin volatility while offering an 11.5% yield. Schiff said STRC had fallen more than Bitcoin over the past month and argued that Saylor could face legal exposure from public statements about the product.
Schiff also repeated his criticism of Strategy’s funding model, calling it a disclosed Ponzi structure in response to another user.
Strategy recently sold 32 BTC in its first Bitcoin sale in four years, reportedly to support preferred dividend obligations. The company has since purchased 520 BTC and allocated most of a $335.5 million equity raise to cash rather than Bitcoin.
