Peter Schiff has renewed his criticism of strategy’s Bitcoin investment approach, arguing that the company’s growing cryptocurrency reserves do not necessarily translate into better results for common shareholders. His comments came after Michael Saylor announced another Bitcoin purchase, reigniting debate over how the company measures the success of its accumulation strategy.
In an Oct. 12 post in X, Schiff responded to Saylor’s announcement that Strategy had acquired another 250 BTC.
“Yes, but the YTD Bitcoin yield for MSTR common stock is still negative 3.7%,” Schiff wrote.
He argued that Saylor had previously promoted Bitcoin yield as a key measure of Strategy’s performance. Based on that metric, Schiff said the company’s results in 2026 had fallen short of expectation because Bitcoin holdings per common share had declined.
Strategy calculates Bitcoin per share using its Bitcoin holding divided by its assumed diluted shares outstanding, including potential shares from convertible securities and equity awards. Its BTC Yield metric helps assess whether Bitcoin purchases and capital-raising activities increase Bitcoin exposure for shareholders.
Strategy’s Latest Purchase Sparks Investor Debate
Strategy disclosed that it purchased 250 BTC for approximately $21.5 million between Oct. 5 and Oct. 11. The acquisition brought its total Bitcoin holdings to 848,250 BTC, with the latest coins purchased at an average price of $86,194 each, including fees and expenses.
However, the company’s financial activities during the same period extended beyond Bitcoin accumulation. Strategy repurchased $192.4 million worth of STRC preferred stock, almost nine times its Bitcoin spending, while reporting no repurchases of its MSTR common shares.
Schiff’s criticism drew resistance from supporters who questioned his assessment and highlighted Strategy’s previous performance. One respondent pointed to the company’s 22.8% BTC Yield in 2025, which fell within its revised target range of 22% to 26%.
“Twenty-two-point-eight last year. Funny how you skipped that gain,” the account wrote.
Other users challenged Schiff’s views on gold and questioned his earlier claim about Saylor selling $50 billion worth of Bitcoin. The exchanges highlighted the disagreement over whether Strategy’s short-term performance accurately reflects the effectiveness of its longer-term investment strategy.
Bitcoin Sales and ‘Death Spiral’ Warning Add to the Dispute
The latest disagreement follows Strategy’s sale of 1,638 BTC for approximately $104.7 million between July 27 and Aug. 2. Although the sale represented roughly 0.2% of its previous holdings, it raised questions about Saylor’s repeated “never sell” message.
Saylor responded by distinguishing his personal Bitcoin holdings from the company’s treasury.
“When I say ‘Never Sell Your Bitcoin,’ I speak as one saver to another. I have never sold mine. Not one satoshi,” he wrote.
“Strategy is a public company, not my wallet.”
He added that Strategy had disclosed since 2020 that it could buy or sell Bitcoin to manage its capital.
Schiff also warned that a steep Bitcoin price decline could force Strategy to sell assets, potentially creating a “death spiral” of falling prices and tighter financing. He suggested that a drop toward $30,000 could trigger a “cascade of selling.”
However, this remains a forecast rather than an established outcome. Whether Strategy would face financial pressure depends on its cash reserves, access to financing, and securities obligations. The disagreement ultimately reflects competing views on Strategy’s Bitcoin strategy and its risks for shareholders.
