Patrick Lowry, CEO of Samara Asset Group, said he hates the term "Bitcoin treasury company" and argued that the market is rejecting every pure treasury play except Strategy.
In a Bitcoin Magazine program featuring Grace Remington and Sean Hagan, Lowry said the "digital gold" pitch was bad marketing because it turned Bitcoin into an investment rather than money. He said that framing is also why Bitcoin tends to dip whenever the Federal Reserve talks about raising rates.
How Samara uses Bitcoin
Lowry said Samara does not treat Bitcoin as a passive reserve asset. Instead, the firm uses it as working capital. According to the program description, Samara parks venture fund commitments in Bitcoin and liquidates those holdings on capital calls regardless of price.
The chapter list for the episode says Lowry also explained how Samara runs Bitcoin as working capital across more than 20 funds and how it parks VC commitments in Bitcoin across halving cycles before selling when capital calls come in.
Shareholder impact and regulatory structure
The program description says Lowry discussed what he called the hurdle rate problem and argued that simply holding Bitcoin can be a disservice to shareholders. The episode also covered MSCI's non-operating company decision and what it described as a loophole tied to the 1940 Act.
It also turned to Bitcoin, Ethereum and XRP, including what could happen if altcoin treasury strategies trigger a backlash.
Europe and macro issues
The chapter list also included European regulation and sovereign debt topics. Lowry discussed BaFin, the first Bitcoin ETP, and what the program described as post-Merkel overregulation in Europe.
The final part of the episode covered France's bond crisis, why Germany would not bail out France, and what rising sovereign yields mean for Bitcoin, returning again to the question of why Bitcoin falls when the Fed signals hikes.
Bitcoin Magazine said the views in the show were those of the participants and did not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or affiliated entities. It also said the content was for informational and educational purposes only and did not constitute investment, legal, tax, or accounting advice. The post was written by Patrick Green.
