Economist Peter Schiff (피터 시프), known as a prominent bitcoin bear, claimed Strategy’s bitcoin yield could turn negative this year.

On July 27 (local time), blockchain outlet U.Today reported that Strategy’s shares rose as much as 7 percent intraday after it expanded its dollar reserves. Some in the market also said Strategy is becoming less attractive as a proxy for bitcoin investment.

The issue is the bitcoin yield Strategy has long highlighted. The company has explained that it can raise capital to buy more bitcoin and increase its bitcoin holdings per share. Shareholders have expected they could increase their bitcoin exposure through the stock without buying bitcoin directly.

But Schiff said the strengths of that structure are weakening. Strategy’s bitcoin yield fell to 4.5 percent from 13.3 percent in two months. He then said, “If MSTR’s advantage disappears, why take corporate risk?” adding, “You might as well buy bitcoin directly.”

The debate is spreading alongside changes in Strategy’s financial management. Strategy currently holds 843,775 BTC, but most of its obligations, including dividends and debt, are denominated in dollars. The company has built up separate dollar reserves to defend liquidity.

Michael Saylor (마이클 세일러), Strategy’s chairman, said the company increased its dollar reserves by $525 million to $3.75 billion. It did not present a plan for additional bitcoin purchases.

Some investors interpret this as a move to strengthen financial stability. The company’s cash-equivalent assets are enough to cover preferred stock dividends and other obligations for more than 2 years. Under this structure, dollars secure short-term payment capacity and bitcoin is maintained as a long-term holding asset.

Strategy also repurchased $25 million worth of STRC preferred shares, which have recently been weak. It appears to be prioritising liquidity reinforcement and capital structure management over additional bitcoin purchases.

Market assessments were mixed. Schiff criticised the company, saying its core investment rationale is weakening, but some also view its preferred stock-based financing structure positively. Andrew Webley (앤드루 웹리), chief executive of The Smarter Web Company, wrote on X, formerly Twitter, that “the structure built with preferred equity capital is the most important innovation yet to emerge in bitcoin corporate finance.”

The focus going forward is how Strategy will pursue both expanded dollar liquidity and its bitcoin accumulation strategy. Future assessments are expected to hinge on whether the existing investment logic that holding Strategy shares is more advantageous than holding bitcoin directly will hold, and whether the company’s own financial risks will come back into focus.

Why is $MSTR up 7 percent this morning? @saylor's latest move reduced the YTD Bitcoin yield to 4.5 percent. That yield stood at 13.3 percent on May 25. That’s a 66 percent reduction in two months! At this rate the 2026 Bitcoin yield will be negative. If you’re bullish, you’re better off just owning Bitcoin.