Economist Peter Schiff challenged the bitcoin return assumptions behind Strategy Inc.’s (Nasdaq: MSTR) preferred-stock financing model. Writing on Nov. 12 on X, he argued that recent losses undermined expectations of sustained appreciation supporting its payments. MSTR is the company’s common-stock ticker, distinct from its income-paying STRC shares.

Addressing the economics behind STRC, Schiff stated:

“The strategy behind STRC is that because the bitcoin MSTR owns will appreciate by 30% per year, MSTR can afford to pay STRC shareholders a 12% annual yield and still make money. But last year bitcoin lost 6.5%. So far this year it’s losing 17%. There’s no basis to assume 30%.”

Michael Saylor, Strategy’s founder and executive chairman, projected average annual bitcoin appreciation of approximately 30% over 20 years in a June 2025 CNBC interview. More recently, he forecast annual growth of 20% to 30% over the next two decades during an Oct. 13 Bloomberg interview. Both projections described long-term price appreciation.

As of this writing, bitcoin traded near $70,900, down 18.93% year to date, extending the 17% decline Schiff cited. The price had fallen 3.74% over 24 hours, 6.53% over seven days, and 14.52% over a month. It was also 30.10% below its level a year earlier.

Bitcoin’s price on Nov. 12, 2026, at 8:23 p.m. EST. Source: Bitcoin.com Markets.

Saylor had outlined the company’s bitcoin income framework on Nov. 7. That model combines bitcoin holdings with preferred shares, securities issuance, and corporate cash management.

Strategy’s variable STRC dividend rate stood at 12% annually, based on a $100 stated amount per share, the reference value for dividend calculations. At that rate, payments total $12 a year; effective yield expresses annual dividend income as a percentage of the purchase price. Management evaluates the rate monthly to encourage trading around $100.

Shareholders approved daily STRC dividend accrual in October, allowing dividends to accumulate each calendar day starting Nov. 1. Accrual includes weekends and holidays, with associated payments processed on business days. More frequent distributions change the timing of payments rather than increase the annualized rate.

Owning STRC gives investors a claim on the issuing company, while direct bitcoin ownership gives the holder the cryptocurrency itself. Bitcoin price appreciation can increase Strategy’s asset value, but unrealized gains do not automatically produce dollars for dividends. Payments require corporate cash, which can come from financing or asset sales.

The company’s third-quarter financial results disclosed approximately $431.8 million in bitcoin sales during 2026 to fund part of its preferred dividends and STRC repurchases. It also reported $5.07 billion in dollar assets as of Oct. 25, which it said covered approximately 3.4 years of dividend and interest obligations. Buybacks involve purchasing shares from investors, reducing the number carrying future dividend claims.

Charles Schwab, a brokerage and financial services company, identified earnings volatility and potential liquidity pressure in its assessment of bitcoin treasury risks. Liquidity pressure means difficulty meeting cash obligations when cryptocurrency holdings lose value. Under market-value accounting, changes in those holdings can also produce unrealized gains or losses in reported earnings.

During Nov. 2-8, Strategy’s latest bitcoin purchases and STRC buybacks included $81.9 million for 1,036 BTC and $188.3 million for preferred shares, both financed through common-stock sales. Holdings reached 850,364 BTC, acquired for $64.16 billion. As of Nov. 8, its designated dollar reserve, set aside for preferred dividends and debt interest, totaled $4.77 billion, alongside $146.2 million in separate cash.

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