Canadian billionaire investor Frank Giustra (프랭크 주스트라) strongly criticised Chairman Michael Saylor (마이클 세일러) after Strategy’s recent sale of some of its bitcoin (BTC). The dispute is also resurfacing over the company’s financing structure used to maintain its holdings, rather than the size of the holdings themselves.

On Aug. 3 local time, blockchain media outlet U.Today reported that Giustra said, "Saylor has done more harm than good to the world’s largest cryptocurrency."

The controversy began after Strategy disclosed that it sold 1,637 bitcoin for about $102.3 million as part of its recent treasury management strategy. The company still holds 842,138 BTC after the sale, keeping its status as the largest corporate bitcoin holder. The value of its holdings is estimated at about $52.65 billion.

Giustra’s remarks also reignited his long-running gold-versus-bitcoin debate with Saylor. After a user on X, formerly Twitter, described the criticism as a reaction to Giustra losing a public debate with Saylor in 2021, Giustra pushed back, citing market moves since then. He said bitcoin was $65,000 and gold was $1,700 at the time of the debate on April 16, 2021, and argued that subsequent price movements sufficiently proved his point.

Giustra, a leading advocate of gold investment, has long been at odds with Saylor, who has actively argued for institutional adoption of bitcoin. Saylor, by contrast, explained that the sale was part of a financial strategy to strengthen the balance sheet.

Markets are paying closer attention to Strategy’s cash management than to the size of the sale itself. Peter Schiff (피터 시프), a prominent bitcoin critic, said Strategy sold about 1,638 bitcoin and more than 3 million shares of MSTR common stock over the past week to raise cash, then bought back STRC preferred shares. He argued that the structure ultimately increases the burden on common shareholders.

Schiff assessed that this process reduced Strategy’s year-to-date bitcoin return to 3.5 percent, about 74 percent down from the peak recorded in May. He also criticised STRC preferred shares as an "albatross" around Strategy’s neck, saying the current financing structure could make additional bitcoin sales and common-share dilution unavoidable.

He also said he did not agree with claims that Strategy’s transaction structure benefits common-stock investors. He reiterated his existing view that the current structure causes ongoing dilution and risks pushing the company into a so-called "death spiral."

The dispute is expanding into a broader debate over how the financing used to maintain and increase Strategy’s large bitcoin holdings could affect the company, its shareholders and the bitcoin market over the longer term, rather than focusing on the holdings themselves. Saylor is stressing that it is a normal financial strategy to strengthen the balance sheet, but opponents are simultaneously worried about shareholder value dilution and the possibility of additional bitcoin sales, and the debate is expected to continue for some time.