Brad Garlinghouse: Criticizes Strategy's strategy of buying Bitcoin through financing

Ripple CEO Brad Garlinghouse criticized Strategy and its chairman Michael Saylor's Bitcoin financing model in an interview with CNBC, stating that financial engineering cannot create long-term value. Brad Garlinghouse stated that Strategy's practice of issuing preferred stock to finance Bitcoin purchases has hurt the cryptocurrency market, and pointed out that the discount of approximately 25% to 26% of the face value of STRC preferred stock to $100 is a serious negative evaluation of Strategy's strategy.