Ripple CEO Criticizes Saylor’s Bitcoin Strategy While Remaining Bullish on BTC
Brad Garlinghouse, CEO of Ripple, labeled Michael Saylor’s leveraged Bitcoin mannequin a “damning indictment”, pointing to MicroStrategy’s most well-liked inventory, which is buying and selling nicely under its $100 par worth.
Garlinghouse reiterated his long-term bullishness on Bitcoin (BTC), however drew a transparent line between his view on the asset and the financing construction Saylor has constructed round it.
Saylor’s Preferred Stock Under Pressure
Strategy’s STRC perpetual most well-liked inventory traded round $74 on the time of Garlinghouse’s remarks. That positioned it roughly 26% under its $100 par worth. The low cost has widened all through 2026 because the market weighed Strategy’s rising monetary obligations.
Annualized dividend funds tied to STRC have climbed to roughly $1.2 billion. More strikingly, Strategy’s dividend protection window has narrowed from greater than seven years to roughly 14 months.
Questions about whether STRC can remain viable below sustained stress have intensified amongst traders.
Strategy also sold 32 Bitcoin in late May to fund STRC dividend funds. This marked the primary time the corporate liquidated any BTC to service its monetary obligations. The transfer drew scrutiny from analysts monitoring its capital construction.
Garlinghouse Argues Utility Drives Value
Garlinghouse’s critique targets the hole between monetary engineering and long-term asset worth. In his view, Saylor’s borrow-to-buy method generates market stress with out creating the utility that sustains it.
“Financial engineering doesn’t drive long-term worth… long-term worth of any digital asset goes to be pushed by utility.”
Garlinghouse has persistently backed that argument with Ripple’s personal positioning. He has cited XRP cross-border cost infrastructure as a distinction to leverage-driven accumulation methods.
Ripple additionally launched its 2025 impression report this week, displaying greater than $70 million donated throughout the 12 months.
The firm deployed RLUSD and XRP Ledger expertise throughout small enterprise lending, humanitarian help supply, and water access programs in a number of markets, with over $53 million in capital reaching underserved small enterprise homeowners by its Accion Opportunity Fund partnership alone.
Ripple CEO Bullish on Bitcoin
Garlinghouse additionally famous that his bullish stance on BTC stays unchanged. He distinguished between the asset’s long-term potential and the dangers launched when firms borrow closely to build up it.
The critique lands amid Bitcoin institutional treasury adoption turning into a dominant company pattern in 2026. Strategy holds greater than 843,000 BTC, roughly 76% of all Bitcoin on public firm stability sheets.
Several different companies have adopted the same treasury mannequin, although none method Strategy’s scale or monetary complexity.
Beyond STRC, Strategy additionally faces a securities investigation opened earlier in 2026, including regulatory pressure to its monetary image.
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