Strategy’s bitcoin accumulation strategy is amplifying market concern as it coincides with a sharp fall in the stock price.

On June 24 (local time), blockchain media outlet Cryptopolitan reported that economist and prominent bitcoin critic Peter Schiff (피터 시프) argued that Strategy has effectively entered a collapse phase and that bitcoin supporters are viewing the situation too complacently.

At the heart of the issue is the gap between Strategy’s share price and the value of the bitcoin the company holds. Strategy shares, MSTR, fell to $103 on June 24, the lowest in 23 months. That is 81 percent below the all-time high. The company’s preferred shares, STRC, also fell about 13 percent, and the yield was presented as 13.2 percent.

On social media, Schiff described MSTR as “a major bitcoin-holding company connected to Wall Street that is collapsing.” He said “bitcoin supporters are being far too complacent about what is happening right now,” and pointed to the sharp share drop and weakness in preferred shares as warning signals.

The dispute is over how Strategy can use the bitcoin it holds. Strategy currently holds 847,363 BTC, valued at about $53 billion at the current price. But the shares are trading below the per-share value of its bitcoin, and the discount has widened as recent losses have deepened.

Schiff said that if this trend continues, Michael Saylor may ultimately be forced into a choice of selling some bitcoin and redirecting the proceeds to fund share buybacks. Buying back shares at a discounted price can narrow the gap to net asset value, but he argued that even if the discount narrows, the stock may not rise if bitcoin plunges.

The problem is that Strategy’s holdings themselves could weigh on the market. Schiff said that if large-scale bitcoin selling actually occurs, bitcoin’s price would fall first and the value of the remaining holdings would drop as well, potentially offsetting the effect of buybacks.

Some in and outside the market are also calling for moderating the pace of additional purchases. Ju Ki-young (주기영), chief executive of CryptoQuant, argued that Strategy should consider briefly stopping additional bitcoin purchases and rebuilding cash-like assets and dividend capacity. He added, “Current bitcoin buying is closer to a liquidity absorption device than a catalyst for price gains,” and said, “In the next bull market, it needs to establish a disciplined selling system so it can reduce the debt burden.”

Strategy in fact sold 32 BTC for $2.5 million between May 26 and 31 for the first time. Saylor said the move does not change the company’s long-term strategy. This week, Strategy also sold $335.5 million worth of MSTR shares and bought an additional 520 BTC at an average purchase price of $67,068.

As a result, the market’s focus is not simply on whether the stock rebounds, but on how Strategy will manage an expanded share-price discount and funding burdens while maintaining a bitcoin-centered financial strategy. If share weakness drags on, there is a possibility that managing held assets and restructuring the capital structure will be tested before additional bitcoin buying.

Bitcoiners are way too complacent. $MSTR, the biggest Bitcoin owner and its bridge to Wall Street, is collapsing. Shares are down 80% from the peak, 20% in just the last five days. Its flagship preferred $STRC is down nearly 13%, "yielding" 13.2%. Bells don't ring any louder!