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BTC TLDR
Peter Schiff said that Bitcoin bulls may be more suitable to hold BTC directly rather than buy MSTR shares. Strategy sold 5.43 million shares of common stock, raising approximately $544.5 million. The company did not purchase Bitcoin during the latest reporting period, and its Bitcoin position remained at 843,775 BTC. Year-to-date Bitcoin yields fell to 4.5% from 13.3% on May 25.
Peter Schiff questions the rise in MSTR shares
Peter Schiff questions the value of buying Strategy (MSTR) shares rather than directly holding Bitcoin. The economist pointed out that bullish investors might gain a clearer exposure by holding BTC directly rather than buying the company's shares.
Schiff made the comments after Strategy again announced a large common stock sale. The company raised $544.5 million, but did not use the funds to buy more bitcoins.
Strategy sold 5,429,160 MSTR shares during the latest reporting period, but did not purchase any bitcoins, and its total position remained unchanged at 843,775 BTC. Schiff questioned why the stock was still up about 7% after the sale. He believes that issuing additional shares without increasing Bitcoin will reduce the amount of BTC corresponding to each common share.
Strategy's year-to-date bitcoin yield has dropped to 4.5%. The figure was 13.3% on May 25, falling sharply in two months. Schiff said investors who are still bullish on Bitcoin may be more suitable to hold the asset directly. He also warned that Strategy's Bitcoin yields could turn negative if current trends continue.
Strategy shifts funds into cash reserves
Strategy deposits US$525 million from the stock sale into its U.S. dollar reserves. According to the company's latest disclosure documents, the reserve currently holds approximately $3.7 billion. The company also used $25 million to repurchase STRC preferred shares. These measures indicate that Strategy currently has other funding needs in addition to expanding its Bitcoin vault.
Its Bitcoin holdings have increased by only 37 BTC since May 25. The company has not announced a new Bitcoin purchase plan for four consecutive weeks. In addition, Strategy sold 3,588 BTC earlier in the cycle, earning approximately $216 million to support preferred stock dividend payments.
Bitcoin yields fall as the number of stocks increases
Bitcoin yields measure the change in Bitcoin exposure per MSTR stock. When Strategy issues shares without buying BTC, the amount of Bitcoin per common share may decline. Strategy has pointed out this risk in quarterly filings. Continued stock issuance may weaken the direct link between common stock and the company's Bitcoin holdings.
Schiff believes Strategy is currently directing more value to creditors and preferred shareholders. He believes common shareholders will face dilution when companies sell shares without adding bitcoin. However, Schiff has long been a critic of Bitcoin. His recommendation for bulls to buy BTC rather than Strategy shares remains hypothetical because he has said he would not hold either asset.
Long-term data supports Strategy bulls
Bitcoin researcher Adam Livingston offers a different view based on historical returns. He analyzed more than 1.1 million holding periods from August 2020 to July 2026. Research results show that Strategy outperformed Bitcoin in 68.75% of the review period. In the short term, the gap is small, but as the holding period lengthens, the gap gradually widens. The study found that the median final wealth of four years holding Strategy was nearly 108.6% higher than holding Bitcoin directly. Livingston attributed this performance mainly to the longer holding period.
As of press time, the transaction price of Bitcoin is approximately US$64,500. Both Bitcoin and MSTR stocks are at risk of market volatility before the Federal Reserve's next policy decision is announced.
