‘The Beat Goes On’ – Saylor Hints At Another Bitcoin Buying Spree
Strategy’s preferred equity instrument, STRC, has been trading below its $100 par value — a detail that has quietly drawn attention from investors watching the company’s ability to keep funding its Bitcoin purchases.
Schiff Calls It A ‘Ponzi’ Scheme
Peter Schiff, one of Bitcoin’s most vocal long-term critics, has been especially focused on STRC lately. He has called it “the most obvious Ponzi that has ever existed” and warned that the math behind the product doesn’t hold up under scrutiny.
The claim that Bitcoin only has to rise by 2% per year to cover the 11.5% yield on $STRC indefinitely assumes $MSTR stops issuing STRC. But Saylor is actually increasing issuance. The more STRC MSTR sells, the more BTC must rise to cover the yield. Also, if the price of STRC…
— Peter Schiff (@PeterSchiff) April 25, 2026
His argument centers on the relationship between STRC issuance and Bitcoin’s price growth. According to Schiff, the claim that Bitcoin only needs to rise 2% annually to cover STRC’s 11.5% yield assumes the company stops issuing more STRC.
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If issuance grows, the required rate of Bitcoin appreciation rises with it. He also warned Saylor of potential lawsuits, saying the product’s marketing could be considered misleading.
Schiff sees only one exit from what he calls a death spiral — canceling the dividend. But he says that move would itself trigger steep losses across STRC, Strategy’s stock, and Bitcoin prices.
Strategy has not publicly responded to Schiff’s claims. Saylor, for his part, appears unmoved. The orange dots keep getting added to the chart.
Featured image from MetaAI, chart from TradingView
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