Peter Schiff says Strategy's Bitcoin-buying approach has failed in 2026 by the company's own yardstick, Bitcoin yield, which sits at 3.7% in the red year-to-date. Strategy keeps buying, and now holds 848,250 BTC.
Gold bull and Bitcoin critic Peter Schiff criticized Michael Saylor again, arguing that 2026 has disappointed for Strategy if judged by its own metrics. Responding on X to Saylor's latest purchase announcement, Schiff pointed to the company's Bitcoin yield, which is down 3.7% year-to-date.
According to Schiff: "So far, based on your own criteria, 2026 has been a failure." He reminded Saylor that the company had earlier presented Bitcoin yield as a vital measure of its success.
What Bitcoin yield measures
Bitcoin yield tracks the percentage change in Strategy's Bitcoin holdings relative to its assumed diluted shares outstanding. A negative reading means Bitcoin per diluted share is lower than before, even though the company is still accumulating more Bitcoin.
However, Bitcoin yield is not a measure of Strategy's stock performance or of investment returns on its holdings.
Strategy keeps buying
Schiff's comments followed Saylor's announcement that Strategy bought 250 more BTC and repurchased around $192 million of its preferred shares. The company spent around $21.5 million on the purchase, paying an average of $86,194 per coin.
As of Oct. 11, Strategy's total holdings stand at 848,250 BTC, bought at a total cost of around $64 billion, or an average of $75,444 per Bitcoin. The company also holds around $5.5 billion in cash reserves.
Schiff's wider doubts
On Sept. 22, Schiff questioned a recent Bitcoin rally, which he said was partly driven by Strategy's latest purchase announcement and by Saylor's optimistic view on the stagnant CLARITY Act. Days earlier, he claimed that increasing tokenization of stocks could threaten the investment case for Bitcoin.
Source: U.Today
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