Brad Garlinghouse, CEO of Ripple, labeled Michael Saylor’s leveraged Bitcoin mannequin a “damning indictment”, pointing to MicroStrategy’s most popular inventory, which is buying and selling effectively beneath its $100 par worth.
Garlinghouse reiterated his long-term bullishness on Bitcoin (BTC), however drew a transparent line between his view on the asset and the financing construction Saylor has constructed round it.
Saylor’s Most well-liked Inventory Underneath Stress
Technique’s STRC perpetual most popular inventory traded round $74 on the time of Garlinghouse’s remarks. That positioned it roughly 26% beneath its $100 par worth. The low cost has widened all through 2026 because the market weighed Technique’s rising monetary obligations.
Annualized dividend funds tied to STRC have climbed to roughly $1.2 billion. Extra strikingly, Technique’s dividend protection window has narrowed from greater than seven years to roughly 14 months.
Questions on whether or not STRC can stay viable beneath sustained strain have intensified amongst buyers.
Technique additionally bought 32 Bitcoin in late Might to fund STRC dividend funds. This marked the primary time the corporate liquidated any BTC to service its monetary obligations. The transfer drew scrutiny from analysts monitoring its capital construction.
Garlinghouse Argues Utility Drives Worth
Garlinghouse’s critique targets the hole between monetary engineering and long-term asset worth. In his view, Saylor’s borrow-to-buy strategy generates market strain with out creating the utility that sustains it.
“Monetary engineering doesn’t drive long-term worth… long-term worth of any digital asset goes to be pushed by utility.”
Garlinghouse has constantly backed that argument with Ripple’s personal positioning. He has cited XRP cross-border cost infrastructure as a distinction to leverage-driven accumulation methods.
Ripple additionally launched its 2025 impression report this week, displaying greater than $70 million donated throughout the 12 months.
The corporate deployed RLUSD and XRP Ledger know-how throughout small enterprise lending, humanitarian help supply, and water entry packages in a number of markets, with over $53 million in capital reaching underserved small enterprise homeowners by its Accion Alternative Fund partnership alone.
Ripple CEO Bullish on Bitcoin
Garlinghouse additionally famous that his bullish stance on BTC stays unchanged. He distinguished between the asset’s long-term potential and the dangers launched when corporations borrow closely to build up it.
The critique lands amid Bitcoin institutional treasury adoption changing into a dominant company pattern in 2026. Technique holds greater than 843,000 BTC, roughly 76% of all Bitcoin on public firm steadiness sheets.
A number of different companies have adopted an identical treasury mannequin, although none strategy Technique’s scale or monetary complexity.
Past STRC, Technique additionally faces a securities investigation opened earlier in 2026, including regulatory pressure to its monetary image.
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