Samara Asset Group CEO says Bitcoin treasury firms do disservice to shareholders

Samara Asset Group CEO Patrick Lowry rejects the label "Bitcoin treasury company," arguing the market rejects pure treasury plays except for Strategy. He says framing Bitcoin as "digital gold" is "stupid marketing" that turned money into an investment. Lowry explains Samara uses Bitcoin as working capital for venture funds, liquidating on capital calls regardless of price. He argues holding Bitcoin can be a disservice to shareholders, citing MSCI's non-operating company decision and the 1940 Act loophole.