Why did Bitcoin Policy UK CEO Susie Ward criticise Strategy's STRC offering?

Bitcoin Policy UK CEO Susie Ward criticised Strategy's STRC offering because she believes the investment's risks were not fully explained to investors. Ward argued that promotional material may have given the impression that the 11.25% dividend product carried little or no risk.

What are Strategy's STRC preferred shares?

Strategy's STRC preferred shares are perpetual preferred securities that offer an 11.25% dividend. The company uses proceeds from these share sales to help fund additional purchases of Bitcoin (CRYPTO).

How is Strategy using capital raised through STRC?

Strategy uses capital raised through STRC and other financing programmes to acquire more Bitcoin (CRYPTO). The company recently purchased 1,587 BTC for approximately US$100 million, increasing its total holdings to 846,842 BTC.

What does Susie Ward say about the Bitcoin (CRYPTO) treasury strategy?

Susie Ward said holding some corporate cash reserves in Bitcoin (CRYPTO) may be reasonable, but she questioned the practice of borrowing money or issuing additional shares to buy more BTC. She argued that such strategies can increase financial risk and dilute existing shareholders.

What are the latest Bitcoin (CRYPTO) holdings of Strategy?

Strategy holds 846,842 Bitcoin (CRYPTO) after purchasing an additional 1,587 BTC for about US$100 million. The company remains the largest publicly traded corporate holder of Bitcoin.

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Bitcoin advocate questions Strategy STRC risk claims

Written by Isaac FrancisPublished Jun 16, 2026, 1:39 AM

Bitcoin Policy UK CEO Susie Ward criticised Strategy's promotion of its STRC preferred shares, arguing the investment risks were not fully explained.
Ward also questioned the growing trend of companies raising capital to acquire Bitcoin through treasury strategies.
The comments come as Strategy continues expanding its Bitcoin holdings through share offerings and capital market activity.

Bitcoin Policy UK CEO Susie Ward criticised Strategy Executive Chairman Michael Saylor's promotion of the company's STRC preferred shares, arguing that the investment's risks were not adequately disclosed.

Ward's comments came during an interview at BTC Prague, where she questioned the risk profile of STRC, a perpetual preferred share offering an 11.25% dividend that helps fund Strategy's Bitcoin acquisition programme.

“It was making it out that there is no risk involved, and I thought it was really dishonest,” said Bitcoin Policy UK CEO Susie Ward.

Ward also expressed concerns about the broader Bitcoin treasury model, arguing that companies raising debt or issuing shares to buy Bitcoin (CRYPTO:BTC) introduce layers of financial engineering that may dilute shareholders.

Strategy disclosed on Monday that it purchased an additional 1,587 Bitcoin for approximately US$100 million, increasing its total holdings to 846,842 BTC; following the announcement Strategy shares traded near US$132.

Ward said holding a portion of corporate cash reserves in Bitcoin could be reasonable but argued that leveraging balance sheets to acquire additional BTC carries greater risks for investors.

The criticism comes as a growing number of publicly traded companies have adopted Bitcoin treasury strategies, with many raising capital through debt and equity markets to increase their cryptocurrency holdings.

At the time of reporting, Bitcoin price was $66,354.70.

Bitcoin advocate questions Strategy STRC risk claims

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