Peter Schiff: Selling 'Strategy' stock for BTC destroys shareholder value

Prominent Bitcoin critic Peter Schiff, CEO of Euro Pacific Capital, has claimed that the capital-raising structure for Strategy (MSTR) has collapsed. In a post on X, Schiff noted that the company's preferred stock, STRC, is trading below its $100 par value, while the MSTR share price has fallen below the level at which new issuance would enhance shareholder value. He argued that selling either stock to purchase BTC would destroy shareholder value. According to Schiff, the rational choice would be to sell BTC to buy back the company's discounted shares, but he believes Strategy founder Michael Saylor is unable to do so.