Saylor May Sell More Bitcoin to Prop Up STRC

Peter Schiff has warned that Michael Saylor may need to sell more Bitcoin and Strategy shares to prop up STRC preferred stock, which is trading below $95.

STRC has continued to trade below its target of $100 despite the company using asset-sale proceeds to buy back shares.

Schiff believes that selling more Bitcoin and discounted common stock will be necessary for STRC to reach its price target.

Strategy Funds, led by Saylor, sold 1.69 million Bitcoin for $108.6 million and used the proceeds to repurchase about 1.15 million STRC shares.

The company also sold 6.59 million MSTR shares for $653.1 million, adding $650 million to its dollar reserve.