Adam Back said negative market views about Strategy and its preferred stock, STRC, are unfounded, arguing the company’s actions have not changed its Bitcoin reserve strategy.

According to Odaily, Back said Strategy is essentially selling Bitcoin to pay shareholders, and that this approach is demonstrating that returns can be paid to investors using Bitcoin while reducing the company’s debt ratio.

Back added that Strategy is presenting what he described as a new financial model, in which Bitcoin could in the future serve as an alternative to cash for corporate treasury management and capital operations.

He also said fear, uncertainty, and doubt surrounding MSTR and STRC has been exaggerated, and stated that Strategy will not go to zero. Back said the company’s long-term value lies in continuing to hold Bitcoin and helping the market understand Bitcoin’s monetary attributes.