Ripple CEO Slams Saylor’s Model as STRC Slides 26% Below Par

MSTR•2026-06-27

Ripple CEO calls Michael Saylor's leveraged Bitcoin strategy a “damning indictment”, noting MicroStrategy’s STRC preferred stock trading 26% below its $100 par. STRC’s annual dividend obligation has risen to $1.2B, narrowing coverage from seven years to 14 months and triggering a May sale of 32 BTC.

1. Ripple CEO Criticizes Saylor’s Bitcoin Strategy

Brad Garlinghouse labeled Michael Saylor’s leveraged Bitcoin model a “damning indictment”, distinguishing between Bitcoin’s long-term value and MicroStrategy’s financing structure. He reiterated his bullish view on BTC while arguing that utility, not financial engineering, sustains digital asset value.

2. STRC Preferred Stock Faces Discount and Funding Strain

MicroStrategy’s STRC perpetual preferred stock trades around $74, a 26% discount to its $100 par value, as annual dividend obligations climbed to roughly $1.2 billion. Dividend coverage narrowed from over seven years to about 14 months, prompting a May sale of 32 BTC, with the company stating it has enough cash to fund payouts for the next ten months.