Strategy shares rebounded to about $137.40 as Bitcoin held above $80,000, but Peter Schiff said the move may have reflected short covering rather than a meaningful improvement in the company’s fundamentals. Schiff again warned that Strategy’s Bitcoin-heavy corporate model could face a potential “death spiral” if Bitcoin falls sharply, preferred-stock dividends and other obligations rise, and equity financing becomes less attractive. Strategy has sought to reduce that near-term risk by creating a $1.6 billion cash pool for Bitcoin purchases, stock buybacks and other treasury operations, according to Reuters. The company’s rebound has also benefited from Bitcoin’s return to unrealized profit on its holdings and stronger crypto demand, including a nine-day streak of U.S. spot Bitcoin ETF inflows exceeding $3 billion. Michael Saylor has continued signaling confidence in the bullish case, while some market participants dispute Schiff’s assessment by pointing to Strategy’s cash reserves and the absence of a mandatory maturity for its preferred shares.