Foreign media reports indicate that Bitcoin's long-time critic, Peter Schiff, once again targeted Strategy's financing model. In his view, if the company wished to return the price of the preferred security STRC to the vicinity of $100, it might need to continue to sell more bitcoin and to sell ordinary equity financing at a discount.

Schiff ' s Re-allocing Structure

On Thursday, the Schifer wrote on platform X that, although Strategy had raised cash through the sale of bitcoin and MSTR shares and bought back STRC, the price of STRC was still below $95. On this basis, he concluded that the company might need to follow up with a larger sale of assets to get STRC back to the target area.

He also indicated that such an approach would put pressure on the comparison between TT and MSTR. As a long-time non-bitcoin pro-gold market critic, Schiff has continued to criticize Strategy's capital management strategy in recent weeks.

Recently sold $653 million in equities

It was reported that Strategy had also recently sold approximately $653 million in regular MSTR shares to enhance the company ' s dollar reserves. This move, in conjunction with the company ' s capital arrangement around STRC, also continues to draw attention to the relationship between its financing and holding.

At this July's financial teleconference, Michael Seller described STRC as an important component of the company's “digital credit” strategy and indicated that the company was focusing on improving the liquidity and stability of such securities.

  • Strategy wants to be more active on the STRC deal
  • The company wants to buy it at different prices.
  • Under $99, people also take over.

The focus is on subsequent currency pressure.

In June this year, Seller stated that the ability to sell bitcoin was a necessary condition for the company to continue to issue digital credit instruments. However, according to Shiv, the recent sale has shown that this model is under pressure.

In his letter of 1 August, he stated that simply the market expected that Strategy might continue to sell bitcoin, which meant that if companies were to raise more money, the actual amount of bitcoin would be higher than originally envisaged.

On 3 August, the Schiff also described STRC as a burden on MSTR, arguing that such preferential securities could force Strategy to sell bitcoin on a continuous basis and further dilute the rights of ordinary shareholders.

At present, the report mainly reflects public criticism by the Shiv side, as well as recent financing and hold-up operations by Strategy. Market concerns remain as to whether the subsequent price performance of STRC will continue to influence Strategy ' s bitcoin disposal rhythm and MTR valuation.