Financial commentator Peter Schiff renewed his criticism of MicroStrategy on May 23, 2026. He claims the company’s Bitcoin strategy produced a negative total return on its $64 billion investment. Schiff specifically targeted the STRC preferred stock, labeling its financial structure a Ponzi scheme.
MicroStrategy currently pays an 11.5% annual dividend to STRC shareholders. Schiff argues Bitcoin must appreciate by 30% annually to fund these payments. This required growth rate has not yet materialized.
The commentator questioned the long-term viability of these dividends as the company issues additional STRC shares. MicroStrategy’s Bitcoin holdings sat marginally above their average cost basis on May 23.