Strategy Sells 3,588 Bitcoin for $216M; Schiff Calls Model 'Mid-Cycle Ponzi' on July 7

Peter Schiff criticized Strategy after the company sold 3,588 Bitcoin for approximately $216 million on July 7, with proceeds earmarked for dividend payments on its Digital Credit securities. In a post on X, Schiff described the company's financial model as a "mid-cycle Ponzi," arguing that it has shifted from its original strategy of raising capital through stock and debt issuance to purchasing more Bitcoin.

Despite the sale, Strategy remains the largest publicly traded corporate holder of Bitcoin, maintaining 843,775 BTC on its balance sheet. Company chairman Michael Saylor defended the approach, stating that Strategy is not abandoning its long-term Bitcoin commitment but adopting a more flexible capital management strategy to avoid becoming a net seller over time.