Peter Schiff slammed Michael Saylor-led Strategy for its reliance on Bitcoin, following the latter’s disclosure of its Q3 earnings.
By Godfrey Benjamin
Editor Hamza Tariq
Updated
2 mins read
From speaking directly against flagship cryptocurrency Bitcoin BTC $109 002 24h volatility: 1.9% Market cap: $2.17 T Vol. 24h: $66.19 B , Peter Schiff has now shifted his focus to the companies that hold the coin.
The top gold advocate was seen on X, speaking against Strategy’s reliance on Bitcoin price breakout. This comes shortly after Strategy released its Q3 earnings report, which showed that its stock spiked by 6.7%.
Peter Schiff has labelled Strategy’s Q3 earnings report as “fraud,” claiming that the $2.8 billion in net income and diluted earnings per share of $8.42 quoted by the firm reflects unrealized profits from Bitcoin.
In other words, Schiff accused the Michael Saylor-led firm of not genuinely stating its earnings.
$MSTR is up 6.7% because the company reported better-than-expected "earnings." But the entire report is a fraud. The so-called earnings merely reflect Bitcoin appreciation. Saylor's 2025 full-year guidance merely reflects his claim that Bitcoin will soar between now and year-end.
— Peter Schiff (@PeterSchiff) October 31, 2025
It is no longer news that Strategy, formerly called MicroStrategy Inc., has expanded its scope from being a business intelligence and software firm to now holding the largest corporate Bitcoin bag.
After acquiring 390 BTC for approximately $43.4 million between October 20 and October 26, 2025, its entire holdings have increased to a total of 640,808 BTC.
The aggregate purchase price for this massive stash is $47.44 billion, with its average cost basis across all holdings standing at $74,032 per Bitcoin.
The company’s chairman, Michael Saylor, confirmed that Strategy has achieved a BTC yield of 26.0% Year-to-date (YTD).
However, Schiff thinks that “Saylor’s 2025 full-year guidance merely reflects his claim that Bitcoin will soar between now and year-end.”
Amid this projection, Peter Schiff chooses to view Strategy’s reliance on the flagship cryptocurrency, the Bitcoin treasury firm, remains unaffected.
It is rather focused on acquiring more Bitcoin and establishing itself as the largest corporate holder in the world.
During its third-quarter earnings call, Strategy’s Chairman clarified that the company has no interest in purchasing other Bitcoin treasury firms.
He pointed out how Mergers and Acquisitions (M&A) are usually slow, in addition to the uncertainty and hidden risks that come with them. Ultimately, it argued that these features make such an idea unattractive for Strategy.
Saylor noted that the firm’s focus is currently on issuing digital credit, strengthening its balance sheet, and buying more Bitcoin.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
