Peter Schiff Tells Michael Saylor That Buying Bitcoin While MSTR Trades Below NAV Makes No Sense
Strategy Inc. (NASDAQ:MSTR) is facing renewed scrutiny after Peter Schiff questioned why the company keeps buying Bitcoin (CRYPTO: BTC) even as its shares trade below the value of its crypto holdings.
Peter Schiff Questions Shareholder Math
Schiff said in a post on X that Strategy’s aggressive Bitcoin purchases no longer make sense when the company trades at a discount to its net Bitcoin holdings.
He argued that if Saylor were focused on shareholder value, Strategy would sell some Bitcoin and repurchase shares instead, increasing Bitcoin owned per share.
Schiff wrote that Saylor’s actions suggest his priority is supporting Bitcoin rather than maximizing equity value, reigniting a debate that has followed Strategy’s treasury strategy for years.
Saylor Defends Bitcoin-First Strategy
Michael Saylor has repeatedly said Strategy’s mission is long-term Bitcoin accumulation, not short-term equity optimization.
He has argued that Bitcoin is the company’s primary treasury asset and that market discounts or premiums in MSTR shares fluctuate over cycles.
Strategy has …
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