Patrick Lowry, CEO of Samara Asset Group, said he dislikes the term “Bitcoin treasury company” and that the market is rejecting pure treasury plays except for Strategy. Lowry made the comments during an appearance with Grace Remington and Sean Hagan.
Lowry argued that the “digital gold” narrative was “stupid marketing” that turned Bitcoin into an investment rather than money. He said that framing is why Bitcoin dips every time the Federal Reserve talks about hiking rates.
Instead of holding Bitcoin as a passive treasury reserve, Lowry explained that Samara uses Bitcoin as working capital. The company parks venture fund commitments in Bitcoin and liquidates on capital calls regardless of price. This approach spans more than 20 funds and operates across halving cycles.
Lowry also discussed the hurdle rate problem, explaining why holding Bitcoin can be a disservice to shareholders. He referenced MSCI’s non-operating company decision and the 1940 Act loophole.
The conversation covered the potential backlash if altcoin treasuries trigger a reaction, with mentions of Bitcoin, Ethereum, and XRP. Lowry also said Europe went backwards, citing BaFin, the first Bitcoin ETP, and post-Merkel overregulation.
Other topics included France’s bond crisis, why Germany won’t bail out the French, and what rising sovereign yields mean for Bitcoin.
