Strategy (NASDAQ: MSTR) is facing sharp criticism from economist Peter Schiff, who argues that the company’s growing Bitcoin treasury is obscuring a decline in Bitcoin held per common share.
Schiff made his case in an Oct. 12 post on X, responding directly to Michael Saylor’s announcement that Strategy had acquired another 250 Bitcoin between Oct. 5 and Oct. 11.
“Yes, but the YTD Bitcoin yield for MSTR common stock is still negative 3.7%,” Schiff wrote, pointing to the company’s own preferred performance metric as evidence of underperformance.
Schiff escalated his critique by framing it around the very standard Saylor had previously championed as proof of the strategy’s success.
“At one time, Bitcoin yield was the metric you offered to measure the success of your strategy,” Schiff wrote, adding, “Based on your own criteria, so far 2026 has been a failure, as Bitcoin per common share has declined.”
The 250 BTC purchase cost approximately $21.5 million in total, bringing Strategy’s cumulative Bitcoin holdings to 848,250 BTC acquired for roughly $64 billion at an average price of $75,444 per coin, inclusive of fees and expenses.
Strategy funded the acquisition primarily through $21 million in sales of MSTR common stock, supplementing that with $0.5 million drawn from its USD Cash balance.
The company also executed a significant separate transaction during the same period, repurchasing approximately $192 million of its STRC preferred stock.
As of Oct. 11, Strategy reported holding a $4.88 billion USD Reserve alongside $640.5 million in USD Cash, underscoring the scale of its financial operations beyond Bitcoin alone.
Bitcoin yield, as defined by Strategy, measures the change in total Bitcoin holdings relative to assumed diluted shares outstanding, and is designed to track whether Bitcoin accumulates on a per-share basis after accounting for dilution from common shares, convertible securities, preferred stock, and equity awards.
Critically, the metric means Strategy’s total Bitcoin holdings can increase even as Bitcoin per diluted share declines, which is precisely the dynamic Schiff is highlighting in his 2026 criticism.
Bitcoin yield is treated by Strategy as distinct from its stock price performance, Bitcoin’s broader price return, and the company’s overall investment return, making it a narrow but significant internal benchmark.
Schiff’s comments drew immediate pushback from supporters of Saylor’s treasury approach, who pointed to the company’s stronger performance in previous years and questioned Schiff’s own track record as a Bitcoin skeptic.
The debate reflects a long-running tension between traditional financial critics and Bitcoin maximalists over whether corporate treasury strategies built on digital assets create durable shareholder value or expose investors to hidden dilution risk.
