Peter Schiff Says Saylor Just Wiped 66% Off MicroStrategy’s Bitcoin Yield

Peter Schiff has a connection for Bitcoin bulls. Buy BTC itself, helium says, not Michael Saylor's Strategy stock. The institution sold $544.5 cardinal of MSTR shares past week. It bought nary Bitcoin.

Schiff points to 1 number. MicroStrategy's Bitcoin Yield has fallen to 4.5% this year, helium says. It stood astatine 13.3% successful precocious May.

Why MicroStrategy's Bitcoin Yield Keeps Falling

Bitcoin Yield sounds complicated. It is not. It tracks however overmuch Bitcoin sits down each MSTR share.

Sell caller shares without buying coins, and the fig drops. That is precisely what happened past week.

Strategy sold 5,429,160 MSTR shares. It raised $544.5 million. It bought zero bitcoin, its 8-K filing shows.

Holdings beryllium astatine 843,775 BTC. The output was 9.4% connected May 3. It climbed to 13.3% by May 25. Schiff present puts it astatine 4.5%.

MicroStrategy Bitcoin Holdings. Source: Strategy

"Why is $MSTR up 7% this morning? Saylor's latest determination reduced the YTD Bitcoin output to 4.5%. That output stood astatine 13.3% connected May 25. That's a 66% simplification successful 2 months! At this complaint the 2026 Bitcoin output volition beryllium negative. If you're bullish, you're amended disconnected conscionable owning Bitcoin," Schiff urged.

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Here is the portion fewer radical noticed. Strategy warned astir this result itself, successful its ain archetypal 4th filing.

"...if the Company increases Assumed Diluted Shares Outstanding astatine a faster complaint than its bitcoin holdings, past the Company would acquisition decreased BPS and antagonistic BTC Yield..." Strategy, Q1 2026 results.

Put simply, much shares without much Bitcoin turns the output negative. BeInCrypto covered the trade-off facing MSTR investors earlier connected Monday.

The $25 Million Buyback Barely Moves the Needle

Strategy besides bought backmost immoderate of its ain preferred shares, known arsenic STRC. STRC is simply a peculiar people of share. It pays holders a fixed 12% currency dividend each year. It is designed to commercialized astatine $100. Strategy paid an mean of $86.52 instead. It spent $25 cardinal and retired 288,930 shares.

That saves astir $3.5 cardinal a twelvemonth successful dividends.

Now comparison that to the full bill. Strategy owes astir $1.76 cardinal a twelvemonth successful dividends and indebtedness interest, it disclosed connected June 29. The buyback trims little than 0.2%.

Another $975 cardinal is available. Strategy volition not merchantability caller STRC beneath $100. It besides cannot usage its currency reserve to money buybacks. It whitethorn merchantability bitcoin instead.

STRC Stock Performance. Source: TradingView

What to Watch connected Thursday

The currency heap is increasing fast. It roseate from $2.55 cardinal connected June 28 to $3.75 cardinal connected July 26. That covers astir 25 months of dividends, up from 17.4 months.

The Bitcoin tells a harder story. Strategy paid an mean of $75,476 per coin. Bitcoin's existent terms is adjacent $64,762. The spread is astir $8.9 billion.