Bitcoin Policy UK CEO Susie Ward criticized a video by Strategy's Michael Saylor promoting STRC preferred shares, calling it 'really dishonest' during an interview at last week's BTC Prague conference. Ward, who is both a bitcoin advocate and Strategy shareholder, said the video mischaracterized the investment's risk profile by making it appear 'there is no risk involved' with STRC, which offers an 11.25% dividend. Her concerns extend to Strategy's broader bitcoin treasury model, which uses capital raised from share offerings to purchase BTC, a strategy Ward believes contradicts bitcoin's core value proposition of scarcity.
Ward Calls STRC Promotion Video Dishonest
Ward told The Block she considered Saylor's video promoting STRC to mischaracterize the investment's risk profile. 'It's the risk I'm uncomfortable with. I don't think the risk is explained,' said Ward. 'Saylor put out a video talking about his yield with STRC ... it was making it out that there is no risk involved, and I thought it was really dishonest.'
STRC is a perpetual preferred share offering an 11.25% dividend. Strategy sells STRC to raise capital for purchasing more bitcoin, funneling proceeds from the shares into BTC acquisitions.
Ward Questions Bitcoin Treasury Company Models
Ward expressed serious doubts about companies adopting the BTC treasury strategy popularized by Saylor at Strategy. While she sees merit in companies keeping some free cash flow in bitcoin, she views leveraging to buy BTC as imprudent.
'You have all the different layers of financial engineering, so you could dilute your shareholders. You issue more stock, you sell it, you dilute your shareholders, you raise money, you buy bitcoin,' said Ward. 'That's almost the opposite of why we like bitcoin. We like bitcoin because it can't be inflated, because of its scarcity, that's what makes it special.'
Ward criticized companies that followed Strategy's playbook last year when bitcoin's price rose, reinventing themselves as digital asset treasury companies by borrowing or raising money from traditional capital markets to buy BTC. She described these projects as combining bitcoin's reputation with 'fiat games' in schemes resembling memecoin pump-and-dump investments. 'Just look at the chart, it goes up to some crazy amount, comes back down, and then that's it,' said Ward.
Strategy Stock Down 60% Over Past Year
Bitcoin treasury companies' share prices are tightly correlated to bitcoin's price, which has lost nearly 50% in value since hitting a peak in October 2025. Strategy's shares (MSTR), trading at about $132 on Monday, are down over 60% during the past year.
Strategy Purchases 1,587 BTC for $100 Million
Strategy said Monday it had purchased an additional 1,587 BTC for approximately $100 million at an average price of $63,024 per bitcoin, bringing its total holdings to 846,842 BTC.
FAQ
What did Susie Ward criticize about Michael Saylor's STRC video?
Ward called the video 'really dishonest' because she said it mischaracterized the risk profile of STRC preferred shares by making it appear there is no risk involved. STRC offers an 11.25% dividend and Strategy uses proceeds from selling these shares to buy more bitcoin.
Why does Ward oppose bitcoin treasury company strategies?
Ward believes leveraging to buy bitcoin through share dilution contradicts bitcoin's core value of scarcity. She said companies issuing more stock to raise money for BTC purchases represent 'the opposite of why we like bitcoin' because bitcoin cannot be inflated.
How much bitcoin did Strategy purchase on Monday?
Strategy purchased 1,587 BTC for approximately $100 million at an average price of $63,024 per bitcoin, bringing its total holdings to 846,842 BTC.
