Peter Schiff Criticizes Strategy’s Q3 Earnings as Bitcoin-Driven Fraud
Peter Schiff, a known gold advocate, criticized Strategy's Q3 earnings report as fraudulent, arguing that their reported $2.8 billion net income and $8.42 diluted earnings per share are inflated by unrealized Bitcoin gains. This criticism follows Strategy's 6.7% stock increase post-report.
- Strategy, formerly MicroStrategy Inc., holds the largest corporate Bitcoin reserve, recently adding 390 BTC worth approximately $43.4 million.
- The company now possesses a total of 640,808 BTC with an average acquisition cost of $74,032 per Bitcoin.
- Michael Saylor, Strategy's chairman, reported a 26.0% YTD Bitcoin yield.
Saylor dismissed interest in acquiring other Bitcoin treasury firms, citing slow M&A processes and associated risks. The firm aims to continue purchasing Bitcoin and issuing digital credit to strengthen its financial position.
- Strategy's approach focuses on Bitcoin dominance rather than diversifying through acquisitions.