Schiff Calls Out Saylor as Strategy's BTC Yield Dips

A Heated Debate Over Corporate Bitcoin Buying

The long-standing feud between gold advocate Peter Schiff and Bitcoin bull Michael Saylor has taken another public turn. On October 12, 2026, Schiff declared that Saylor's signature Bitcoin acquisition strategy has stumbled throughout 2026.

Schiff based his criticism directly on the key corporate performance metric that Saylor himself frequently highlights to investors: Bitcoin Yield.

Understanding 'Bitcoin Yield' and the 2026 Numbers

To understand Schiff's argument, it helps to break down what Bitcoin yield actually measures for a corporation like Strategy.

Bitcoin yield tracks the percentage change in the ratio between a company's total Bitcoin holdings and its assumed diluted shares outstanding. In plain English, it measures whether each share of stock represents more or less Bitcoin over time.

• Positive Yield: The amount of Bitcoin backing each diluted share increases.
• Negative Yield: The amount of Bitcoin backing each diluted share decreases, even if total corporate Bitcoin holdings grow.

According to the latest corporate data shared by Saylor, the company's year-to-date Bitcoin yield currently stands in negative territory at -3.7%.

So far, based on your own criteria, 2026 has been a failure.

Schiff highlighted this metric on social media platform X, arguing that constant buying has diluted share value rather than adding Bitcoin per share. It is important to note, however, that Bitcoin yield is an internal tracking metric and does not directly equate to stock price performance or total investment return on holdings.

Inside Strategy's Latest Treasury Moves

Despite criticisms from gold proponents, Saylor's company shows no signs of slowing down its accumulation plans. Their recent financial disclosure outlined several major treasury transactions:

• New BTCBTC-1.50% Purchase: Acquired 250 BTC for approximately $21.5 million, at an average purchase price of $86,194 per coin.
• Stock Buyback: Repurchased around $192 million worth of preferred shares.
• Total Holdings: Holds a total of 848,250 BTC as of October 11, 2026.
• Total Investment: Spent approximately $64 billion overall, representing an average purchase price of $75,444 per Bitcoin.
• Cash Reserves: Maintains around $5.5 billion in U.S. dollar cash reserves.

While large corporate treasury moves demonstrate strong institutional conviction, digital assets remain subject to high price volatility. Investors should remember that past performance of digital assets or historical operations does not guarantee future returns or results. You can view real-time market trends on bitkub.com/th/market/BTC.

Schiff Questions Market Momentum and Points to Tokenization

Schiff's skepticism extends beyond corporate metrics to the broader market rally. On September 22, he publicly questioned recent upward price momentum, arguing that market enthusiasm was artificially sustained by repeated corporate buy updates and optimism surrounding the stalled CLARITY Act.

Furthermore, Schiff suggested that rising real-world asset (RWA) tokenization could present competitive hurdles for Bitcoin's investment narrative over time.

In his view, as traditional equities and dividend-paying companies become tokenized on blockchains, investors may gain access to income-generating digital assets that serve as appealing alternatives to non-yielding crypto assets.

Whether Strategy's yield metric recovers will depend on future capital structures and market conditions. As always, market dynamics can shift quickly based on macroeconomic conditions, regulation, and liquidity trends.