CEO Brad Garlinghouse said he remains bullish on Bitcoin but criticized Strategy’s preferred-share model. In a Friday interview, he described the structure as “financial engineering” that had distracted the market from long-term utility.
“Financial engineering does not drive long-term value,” Garlinghouse said. He added that a digital asset’s value should come from practical use rather than complex funding structures.
Garlinghouse called below its $100 target a “damning indictment” of Strategy’s approach. His comments focused on the company’s financing method rather than Bitcoin itself.
Meanwhile, Arkham Intelligence said the situation does not resemble the Terra-LUNA collapse. Still, falling Strategy shares, weak STRC demand and reduced funding capacity have raised doubts about future Bitcoin purchases.
Bitcoin now enters the third quarter under pressure from lower prices and tighter funding conditions. A third straight quarterly loss would create a pattern not seen since the 2022 bear market.
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