After Strategy sold about $181 million in MSTR shares, Michael Saylor defended using proceeds for Bitcoin purchases and cash reserves, while Peter Schiff argued the approach harms common shareholders.
Michael Saylor defended Strategy’s capital-markets approach after the company sold approximately $181 million of MSTR shares, with part of the proceeds used to expand Bitcoin holdings and part retained as cash reserves. The comments, posted by a Strategy executive, framed the transaction as a deliberate balance-sheet and liquidity strategy rather than a sign of stress. Peter Schiff criticized the model on X, arguing that while the company had previously used premium common stock issuance and low-interest preferred shares to generate positive Bitcoin returns, its current Bitcoin accumulation strategy sacrifices common shareholders’ interests and leaves them with what he described as negative Bitcoin returns.