u.today
Canadian billionaire investor Frank Giustra has slammed Michael Saylor following Strategy's latest $BTC sale.
This time, he has argued that the executive has done more harm than good for the world's largest cryptocurrency.
The remarks came shortly after Strategy disclosed that it had sold another 1,637 $BTC worth roughly $102.3 million as part of its treasury management strategy.
Despite the sale, the company remains by far the largest corporate Bitcoin holder, with 842,138 $BTC valued at approximately $52.65 billion.
One X user said that the criticism stemmed from Giustra's unsuccessful 2021 debate with Saylor, but the Canadian businessman pushed back by pointing to the subsequent performance of gold.
"Lol. April 16-2021 debate??? Bitcoin was $65,000. Gold was $1,700... I rest my case," Giustra replied.
The exchange revived a years-long rivalry between the prominent gold advocate and Saylor, who has become one of Bitcoin's most vocal institutional supporters.
According to Saylor, the latest sale was designed to strengthen Strategy's balance sheet.
"An albatross"
Longtime Bitcoin critic Peter Schiff also weighed in on Strategy's latest move, arguing that the company's recent capital management decisions are becoming increasingly burdensome for shareholders.
Schiff noted that Strategy sold approximately 1,638 $BTC and more than three million MSTR shares over the past week to raise cash and repurchase STRC preferred stock.
According to him, those actions reduced the company's year-to-date Bitcoin yield to 3.5%, down 74% from its May peak.
He argued that STRC has become "an albatross" around Strategy's neck. He has predicted that the financing structure will require additional Bitcoin sales and continued dilution of common shareholders.
Schiff rejected claims that the transactions remain accretive for common stock investors. He maintains that they are dilutive.
According to the gold bug, Strategy remains in what he described as a "death spiral."