MicroStrategy (MSTR) disclosed a purchase of 1,550 Bitcoin for roughly $101 million in early June 2026, a move that drew sharp criticism from investor Peter Schiff.
Schiff’s Assessment of the Premium Model
Schiff argues that MicroStrategy’s earlier strategy relied on issuing shares at a premium above the company’s net Bitcoin holdings, which historically allowed the firm to raise capital without diluting existing shareholders.
He points out that when MSTR’s stock traded above its net asset value, each new share issuance effectively increased the Bitcoin‑per‑share ratio, benefitting both the market perception and investors.
Shift to Discounted Issuance
According to Schiff, the current share offerings are priced at a discount, reversing the previous premium‑driven approach and altering the arithmetic of ownership versus Bitcoin acquisition.
He contends that the latest issuance sells more equity than the amount of Bitcoin added to the balance sheet, which could suppress the Bitcoin‑per‑share metric rather than enhance it.
Implications for Shareholders and the Crypto Market
Investors may view the discounted share sales as a signal that the blockchain‑focused growth model