Schiff Says Strategy’s Bitcoin Plan Failed as Holdings Reach 848,250

Peter Schiff said Strategy’s Bitcoin strategy had failed in 2026, citing a reported negative year-to-date Bitcoin yield that the company’s latest announcement did not state.

Strategy disclosed Monday that it bought 250 Bitcoin (BTC) for about $21.5 million between Oct. 5 and Oct. 11. The purchase increased its holdings to 848,250 BTC, acquired for approximately $64 billion at an average cost of $75,444 per coin, including fees and expenses.

The company funded the purchase with $21 million from sales of MSTR common stock and $0.5 million from its USD Cash balance. It also repurchased about $192 million of STRC preferred stock during the same period.

As of Oct. 11, Strategy held a $4.88 billion USD Reserve and $640.5 million in USD Cash.

Strategy defines Bitcoin yield as the change in its Bitcoin holdings relative to assumed diluted shares outstanding. The measure is intended to show whether Bitcoin holdings are increasing on a per-share basis after accounting for potential dilution from common shares, convertible securities, preferred stock and equity awards.

That means Strategy’s total Bitcoin holdings can rise while its Bitcoin holdings per assumed diluted share decline. Bitcoin yield is separate from the company’s stock performance, Bitcoin’s price return and Strategy’s overall investment return.

Strategy says its treasury strategy is designed to increase Bitcoin holdings in a way it believes benefits common shareholders on a per-share basis. The company’s holdings have continued to grow since its previous disclosure of 847,666 BTC as of Sept. 27.

Strategy is scheduled to release its third-quarter 2026 financial results on Oct. 29 after U.S. financial markets close. It will also host a webinar at 5 p.m. ET (9 p.m. UTC).