Giustra Slams Saylor Over Bitcoin Sales

Canadian billionaire investor Frank Giustra has criticized Michael Saylor, executive of Strategy, for his handling of Bitcoin. According to Giustra, Saylor's actions have done more harm than good to the cryptocurrency.

The criticism stems from Strategy's latest sale of 1,637 BTC worth approximately $102.3 million as part of its treasury management strategy. Despite this sale, the company remains the largest corporate Bitcoin holder with 842,138 BTC valued at around $52.65 billion.

Giustra pointed out that he had debated Saylor in April 2021 and showed that, at that time, Bitcoin was priced at $65,000 while gold was at $1,700. This exchange has revived a years-long rivalry between the two prominent figures, with Giustra advocating for gold and Saylor being one of Bitcoin's most vocal institutional supporters.

Saylor stated that the latest sale was designed to strengthen Strategy's balance sheet, but long-time Bitcoin critic Peter Schiff disagrees. He argues that Strategy's recent capital management decisions are becoming increasingly burdensome for shareholders. According to him, those actions reduced the company's year-to-date Bitcoin yield to 3.5%, down 74% from its May peak.

Schiff believes that STRC has become 'an albatross' around Strategy's neck and predicts that the financing structure will require additional Bitcoin sales and continued dilution of common shareholders. He rejects claims that the transactions remain accretive for common stock investors, instead maintaining that they are dilutive.