Ripple CEO Brad Garlinghouse said in a CNBC interview on Friday that Strategy’s approach to financing Bitcoin purchases relies on financial engineering that he believes cannot create long-term value.
According to Odaily, Garlinghouse said the long-term value of digital assets should ultimately be driven by real-world utility. He added that Michael Saylor’s team is not focused on what he considers the right direction and said the approach has harmed the broader crypto market.
Garlinghouse said he remains optimistic about Bitcoin but opposes Strategy’s strategy of continuing to increase its BTC holdings through complex financing structures.
His comments focused on Strategy’s use of preferred stock issuance to fund Bitcoin purchases. He cited STRC, one of Strategy’s preferred shares, which carries an annualized dividend obligation of 11.5%. Garlinghouse noted that STRC recently traded at a discount of about 25% to 26% to its $100 par value, calling that performance a strongly negative assessment of Strategy’s strategy.
Ripple CEO Brad Garlinghouse Criticizes Strategy’s Bitcoin Financing Model in CNBC Interview
2026-06-26 22:23:46
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