Peter Schiff Warns MSTR's 843,775 BTC Holdings No Longer Amplified Bitcoin Bet on July 16

According to Peter Schiff's July 16 X post, the economist and bitcoin critic warned that Strategy Inc. (Nasdaq: MSTR) is "no longer a leveraged bitcoin bet" due to ongoing share dilution benefiting creditors and preferred shareholders over common investors. Strategy holds 843,775 BTC valued at approximately $54.13 billion, but also carries $6.75 billion in debt and $15.46 billion in preferred securities.

Schiff's argument centers on bitcoin per share rather than total holdings. Strategy reported a quarterly BTC yield of negative 1.6%, indicating bitcoin exposure per common share weakened during the period. The company's capital structure increasingly directs value toward senior investors through preferred dividend obligations and debt servicing, raising dilution risk for common shareholders.