Gold bull and ardent Bitcoin critic Peter Schiff has once again slammed Michael Saylor, noting that 2026 has been a disappointment for his company's Bitcoin-buying strategy if we go by their own data metrics.
In his recent X post, responding to Saylor’s most recent Bitcoin buy announcement, Schiff referred to the company's Bitcoin yield, which currently sits in the red at 3.7% year-to-date. This shows that their relentless Bitcoin buying has not led to any growth in Bitcoin per share.
"So far, based on your own criteria, 2026 has been a failure," Schiff wrote.
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He reminded Saylor about the importance of Bitcoin yield touted earlier on as a vital metric for the company’s success.
Essentially, Bitcoin yield shows the percentage change in Bitcoin holdings for Strategy. It is calculated in reference to its assumed diluted shares outstanding. A negative Bitcoin yield implies that Bitcoin per diluted share is actually lower than before despite the company still accumulating more Bitcoin.
Now, it looks like Bitcoin yield has turned into an argument against Saylor’s investment thesis since, so far, the number of Bitcoin per common share is actually down.
However, Bitcoin yield is not a measure of Strategy stock or investment returns on its holdings.
Strategy keeps buying Bitcoin
Schiff’s statement comes after Saylor’s latest announcement about Strategy buying 250 BTC more and repurchasing around $192 million of its preferred shares.
The company spent around $21.5 million on the newest BTC acquisition, paying on average $86,194 per coin.
As of Oct. 11, Strategy’s total Bitcoin holdings stand at a mind-blowing 848,250 BTC. These coins were bought at a total cost of around $64 billion (average price per Bitcoin of $75,444).
In addition, the company has around $5.5 billion in total dollar cash/reserves (U.S. dollars).
Questioning Bitcoin rally
On Sept. 22, the gold bull voiced doubt about a recent Bitcoin rally, which, in his view, was in part driven by Strategy’s most recent Bitcoin buy announcement. Saylor’s optimistic view on the stagnant CLARITY Act was another factor.
Days before this, Schiff claimed that increasing tokenization of stocks could threaten the investment case for Bitcoin.
Investors may have a better alternative to Bitcoin: blockchain-based securities of profitable dividend-paying companies.