Strategy Inc. (NASDAQ:MSTR) is facing renewed scrutiny after Peter Schiff questioned why the company keeps buying Bitcoin (CRYPTO: BTC) even as its shares trade below the value of its crypto holdings.
Peter Schiff Questions Shareholder Math
Schiff said in a post on X that Strategy’s aggressive Bitcoin purchases no longer make sense when the company trades at a discount to its net Bitcoin holdings.
He argued that if Saylor were focused on shareholder value, Strategy would sell some Bitcoin and repurchase shares instead, increasing Bitcoin owned per share.
Schiff wrote that Saylor’s actions suggest his priority is supporting Bitcoin rather than maximizing equity value, reigniting a debate that has followed Strategy’s treasury strategy for years.
Saylor Defends Bitcoin-First Strategy
Michael Saylor has repeatedly said Strategy’s mission is long-term Bitcoin accumulation, not short-term equity optimization.
He has argued that Bitcoin is the company’s primary treasury asset and that market discounts or premiums in MSTR shares fluctuate over cycles.
Strategy has continued buying Bitcoin through both rallies and drawdowns, reinforcing its position as the largest corporate holder of the cryptocurrency despite ongoing criticism from traditional finance voices.
Quantum Computing Comments Add New Controversy
Saylor also drew attention this week after discussing how Bitcoin could respond to future quantum computing threats.
In a separate post on X, he said the network could upgrade through a hard fork that freezes quantum-vulnerable pay-to-public-key outputs, including early wallets linked to Satoshi Nakamoto.
According to Protos, Saylor said such a change would strengthen security and reduce supply, though the idea sparked backlash from developers and users who warned about technical risk and governance concerns.
Critics said freezing coins would represent a major intervention in Bitcoin’s monetary history.
Debate Highlights Divide Over Bitcoin’s Role
The twin controversies underscore the divide between Bitcoin maximalists and critics.
Schiff’s argument centers on capital allocation efficiency, while Saylor frames Bitcoin as a long-term monetary asset whose value transcends near-term equity pricing.
It remains unclear whether Strategy’s stock discount reflects market skepticism about leverage and execution risk or simply a lag behind Bitcoin’s price moves.
MSTR Technical Picture Shows Continued Downtrend Pressure
Price Analysis of MSTR on TradingView Charts
MSTR remains locked inside a well-defined descending channel on the 4-hour chart.
Since peaking above $350 in early October, MSTR has printed consistent lower highs and lower lows, respecting the channel with little deviation.
A recent rebound toward $190 failed at channel resistance, triggering another rollover.
MSTR trades below all major EMAs, with the 20 EMA near $176 and the 50 EMA around $194 sloping sharply lower.
The 100 EMA near $227 and the 200 EMA near $270 sit far overhead, forming a stacked resistance zone between $175 and $195 that has capped multiple recovery attempts.
Parabolic SAR dots remain positioned above price, confirming active downside momentum.
On the downside, immediate support sits near $160, a level now being tested repeatedly.
If that support breaks decisively, downside risk opens toward $145, with the lower boundary of the descending channel projecting further losses toward the $125–130 area into late December.
For the technical picture to improve, MSTR would need to reclaim $175 and hold above it, followed by a clean break and close above $195.
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