Gold bulls and a staunch critic of Bitcoin, Peter Schiff, have once again attacked Michael Saylor, stating that according to the company's own data indicators, 2026 has been a disappointing year for the company's Bitcoin buying strategy.
In the latest response to the Saylor latest Bitcoin purchase announcement on X, Schiff mentioned the company's “Bitcoin yield (Bitcoin yield)”. This indicator has been negative at -3.7% so far this year. This indicates that their continuous purchases of Bitcoin have not led to an increase in the number of Bitcoins held per share.
Schiff writes: 'So far, by your own standards, 2026 has been a failure.'
He reminded Saylor not to forget the importance of “Bitcoin yield”, which was previously promoted as a key indicator of the company's success.
Essentially, “Bitcoin yield” shows the percentage change in Bitcoin holdings of Strategy. This indicator is calculated based on the assumed number of diluted outstanding shares. A negative “Bitcoin yield” indicates that although the company continues to accumulate more Bitcoin, the actual number of Bitcoins per share after dilution is actually lower than before.
Now it seems that “Bitcoin yield” has instead become the basis for refuting the investment arguments of Saylor, because so far, the number of Bitcoins corresponding to each ordinary share has actually been declining.
However, “Bitcoin yield” is not an indicator for measuring the performance of Strategy stock or the return on its holdings and investments.
Strategy continues to buy Bitcoin
Before Schiff made the aforementioned remarks, Saylor had just announced that Strategy had purchased another 250 units of BTC, and also repurchased approximately $192 million in preferred stocks.
The company spent approximately $21.5 million in its latest BTC acquisition, with an average purchase price of $86,194 per unit.
As of October 11th, Strategy's total Bitcoin holdings reached an astonishing 848,250 BTC. The total cost of purchasing these Bitcoins was approximately 64 billion US dollars, with an average purchase price of 75,444 US dollars per Bitcoin.
In addition, the company also holds a total of approximately $5.5 billion in cash/reserves ( U.S . dollars ).
Doubting the upward trend of Bitcoin
On September 22nd, this gold bull expressed doubts about the recent upward trend of Bitcoin. In his view, this rise was partly driven by Strategy's latest Bitcoin purchase announcement. Saylor's optimistic outlook on the stagnating CLARITY Act is another factor as well.
A few days ago, Schiff also stated that the increasing degree of tokenization of stocks could potentially threaten the investment logic of Bitcoin.
He believes that investors may have better alternatives to Bitcoin: securities based on blockchain, issued by profitable companies that pay dividends.
