The economist Peter Schiff criticized Strategy Michael Sailor for selling $216 million of 3,588 BTC, saying that the deal changed the company’s business model. According to Schiff, Strategy has stopped using Bitcoin as a reserve asset and now sees it only as a source of liquidity for paying dividends on STRC shares, repayments of debts and buybacks.

Shiff claims that the company sold Bitcoin at an average price of $60,163 below the average cost of $74,476, with a net loss of ~$15,000 per coin (~$54 million in total). The economist is convinced: the hoarding strategy has run its course, and now only a significant rise in the price of Bitcoin can cover Strategy’s costs.

Shiff had previously called the financial structure of Strategy a "house of cards" and warned of a "death spiral," which he believed could be stopped only by the STRC dividend’s cancellation - but this would likely bring down the company’s stock and Bitcoin itself. The criticism is mounting amid debates about the role of corporate Bitcoin reserves in a volatile market.