Schiff Warns Saylor May Need More Bitcoin Sales to Support STRC Price

Michael Saylor's Strategy may need to sell more Bitcoin and discounted common stock to prop up its STRC preferred stock, which is trading below $95. According to Peter Schiff, Strategy's recent buyback efforts using asset-sale proceeds have not been enough to push the price of STRC back toward its $100 target.

Strategy has already sold 1,690 Bitcoin for $108.6 million and used the proceeds to repurchase about 1.15 million STRC shares. Additionally, it sold 6.59 million MSTR shares for $653.1 million, adding $650 million to its dollar reserve.

Schiff warned that Strategy may need to sell more Bitcoin and discounted common stock to support the preferred stock, which could put additional pressure on Bitcoin's price.