Overview
- Schiff alleges that income-focused buyers of MicroStrategy’s high-yield preferred shares will never receive the published yields, warning of a potential “death spiral.”
- He publicly invited Saylor to debate the company’s Bitcoin-centric treasury approach at Binance Blockchain Week in Dubai in December.
- MicroStrategy moved in 2025 from issuing convertible bonds to STR-series preferred shares that carry substantially higher rates.
- The stock has fallen over 50% since July as Bitcoin slid more than 20% from an October peak, with the company’s mNAV recently near 1.21 after dipping below 1.
- The firm holds about 641,692 BTC at an average cost near $74,000 per coin, and Saylor has hinted at additional purchases.