Bitcoin Policy UK CEO Criticizes Michael Saylor’s STRC Promotion Over Risk Disclosure

Bitcoin Policy UK CEO Susie Ward has publicly criticized Strategy Executive Chairman Michael Saylor, arguing that his promotion of the company’s STRC preferred shares did not properly explain the risks involved for investors.

Speaking during an interview at the BTC Prague conference, Ward said she was concerned by a video in which Saylor discussed the returns offered by STRC. According to Ward, the presentation created the impression that investors faced little or no risk, despite the complex structure behind the product.

“I don’t think the risk is explained,” Ward said, adding that she considered the messaging around the investment to be “dishonest.”

STRC is a perpetual preferred share issued by Strategy that currently offers an 11.25% dividend. The company has used proceeds from selling these shares to fund additional Bitcoin purchases as part of its long-term treasury strategy.

Concerns Grow Over Bitcoin Treasury Companies

Although Ward remains a strong Bitcoin supporter and a shareholder of Strategy, she expressed broader concerns about the growing trend of companies borrowing money or issuing shares to accumulate Bitcoin.

She argued that repeatedly issuing new shares to raise capital can dilute existing shareholders and conflicts with one of Bitcoin’s core principles: scarcity.

“You issue more stock, you sell it, you dilute your shareholders, you raise money, you buy Bitcoin,” Ward said. “That’s almost the opposite of why we like Bitcoin.”

Bitcoin Treasury Model Faces Increased Scrutiny

Many companies adopted the Bitcoin treasury model after Bitcoin’s sharp rally last year, using traditional financial markets to raise funds for crypto purchases. Ward believes some of these projects resemble speculative investments that experience rapid price surges followed by steep declines.

Strategy disclosed on Monday that it purchased an additional 1,587 BTC for approximately $100 million at an average price of $63,024 per Bitcoin. The company now holds 846,842 BTC, making it the largest corporate Bitcoin holder in the world.

However, Strategy shares have fallen more than 60% over the past year, reflecting the pressure from Bitcoin’s nearly 50% decline since its October 2025 peak.