# Bitcoin as fund dry powder: Samara’s strategy goes beyond accumulation

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/investing/41970
Published: 2026-10-27T19:40:32.000Z
Updated: 2026-10-27T19:40:32.000Z
Section: Investing

> Samara Asset Group uses Bitcoin to hold capital awaiting fund calls. CEO Patrick Lowry says the model supports fund investments while seeking to preserve purchasing power.

Bitcoin can serve as working liquidity for fund commitments, with holdings sold as investment payments fall due. Samara Asset Group’s approach aims to finance portfolio expansion while preserving purchasing power, rather than accumulating Bitcoin as an end in itself.

In an interview with Bitcoin Magazine on October 27, CEO Patrick Lowry described the distinction between Samara’s business and companies focused on building Bitcoin reserves. “We use Bitcoin as our primary Treasury Reserve asset,” he said.

Samara is a publicly listed holding company with limited partnership stakes in more than 20 externally managed funds worldwide, giving it exposure to more than 700 portfolio companies. Its investments span crypto and Bitcoin, biotechnology, longevity, psychedelics and AI. Lowry said its core business gives European shareholders access to venture capital, private equity and hedge funds that investor eligibility requirements would otherwise put beyond their reach.

Bitcoin supplies liquidity for the commitments those fund investments entail. Lowry illustrated the structure with a hypothetical $5 million commitment: an initial $1 million payment could be followed by the remaining $4 million over a five- to seven-year investment period, as the manager identifies opportunities.

Holding that remaining $4 million in Bitcoin was an illustration of the model, rather than a disclosed allocation. Lowry argued that cash or money market funds might struggle to outpace inflation, particularly in the eurozone. He also said excessive equity holdings could expose the company to fund regulation, explaining his preference for Bitcoin as a reserve intended to increase purchasing power against dollars, euros and other fiat currencies.

When a fund issues a capital call, Samara sells some Bitcoin regardless of its price, Lowry said. Citing Bitcoin’s roughly four-year halving cycle and historical price patterns, he argued that gains over time could help meet commitments while leaving capital available for further investments. His example of retaining $4 million in Bitcoin after paying the full $4 million commitment described a potential outcome, rather than an achieved result or a guarantee.

Lowry was critical of accumulation as a standalone business strategy. He said the market was rejecting Bitcoin treasury companies other than Michael Saylor’s Strategy, and argued that describing Bitcoin solely as digital gold or an inflation hedge overlooks its use as money.

He also challenged the logic of treating Bitcoin’s return as the minimum acceptable return for corporate investment. Lowry put its compound annual return over roughly the past 10 years at about 50–55%, a rate he said would be almost impossible to exceed on a risk-adjusted basis. In his view, a company unable to find investments above its required return should return capital to shareholders.

Samara’s shareholders seek access to innovative businesses and externally managed funds, Lowry said, even if Bitcoin could outperform the underlying portfolio. He described buying and selling Bitcoin to support those investments as part of the company’s operating role, with its reserve serving the broader fund investment business.