Ripple CEO Brad Garlinghouse has publicly criticized Michael Saylor’s Bitcoin (Bitcoin) acquisition strategy, arguing that the approach has harmed the wider Cryptocurrency market It failed to create long-term value.
Speaking through June 26 interview On CNBC Peep in the streetGarlinghouse is aiming for the financing model that Strategy is using to expand its Bitcoin holdings.
While maintaining a positive long-term outlook for Bitcoin, Ripple’s CEO said that the company’s adoption of Bitcoin is preferable stock Offers and other capital raising mechanisms to purchase more amounts of BTC for financial engineering rather than sustainable value creation.
Garlinghouse argued that the future value of digital assets will ultimately depend on practical use cases rather than aggressive treasury strategies.
“Financial engineering does not lead to long-term value. <…> Michael Saylor’s team didn’t focus on the right things, which hurt the overall market,” Garlinghouse said.
Ripple’s CEO reiterated the company’s long-standing position Cryptocurrency Adoption must be benefit-driven.
Ripple has been consistently promoting XRP as a tool for cross-border payments and institutional financial services, in contrast to its Bitcoin-focused approach. investment Strategies focused on asset accumulation.
Bitcoin investment strategy problems
Garlinghouse’s criticism comes at a difficult time for Strategy’s Bitcoin treasury model.
In May 2026, Strategy sold 32 bitcoins for approximately $2.5 million to help meet dividend obligations associated with its preferred stock offerings.
The deal marks the company’s first bitcoin sale in years and has drawn attention because it appears to deviate from Saylor’s long-standing commitment to holding bitcoin indefinitely.
Meanwhile, Strategy’s perpetual preferred stock, known as STRC, was trading well below its $100 par value, reflecting investor concerns about the sustainability of the dividend and the company’s financing structure.
This decline also impacted Strategy’s ability to issue additional preferred stock, a major source of capital previously used to fund Bitcoin purchases.
Despite these challenges, the strategy remains one of the most important The largest holders of Bitcoin are companieswith approximately 844,000 BTC on its balance sheet.
Proponents of Saylor’s approach argue that the strategy’s Bitcoin-focused treasury strategy has generated significant value for long-term shareholders and increased exposure to Bitcoin per share.
They view recent adjustments, including limited selling of Bitcoin, as prudent financial management rather than signs of weakness.
However, critics assert that highly leveraged accumulation strategies can amplify market volatility and create risks that extend beyond a single company.
