Gold bull and staunch Bitcoin critic Peter Schiff once again criticized Michael Saylor, stating that 2026 will be a disappointing year for his company’s Bitcoin purchasing strategy according to its own data metrics.
In a recent X post responding to Saylor’s latest Bitcoin purchase announcement, Schiff mentioned the company’s “Bitcoin yield,” which is currently -3.7% year-to-date. This indicates that their continuous Bitcoin purchases have not resulted in an increase in Bitcoin holdings per share.
Schiff wrote: "So far, according to your own standards, 2026 has been a failure."
He reminded Saylor not to overlook the importance of "Bitcoin yield," previously promoted as a key indicator of the company's success.
Essentially, "Bitcoin yield" shows the percentage change in the Strategy's Bitcoin holdings, calculated based on its assumed diluted shares outstanding. A negative "Bitcoin yield" means that, although the company continues to accumulate more Bitcoin, the amount of Bitcoin per diluted share is actually lower than before.
Now, “Bitcoin yield” has become an argument against Saylor’s investment thesis, as the amount of Bitcoin per common share has actually decreased so far.
However, "Bitcoin yield" is not a metric for measuring the performance of the Strategy's stock or the return on its underlying investments.
Continue buying Bitcoin with this strategy
Before Schiff made the above remarks, Saylor just announced that Strategy purchased an additional 250 BTC and repurchased approximately $192 million in preferred shares.
The company spent approximately $21.5 million in its latest BTC acquisition, with an average purchase price of $86,194 per coin.
As of October 11, Strategy’s total Bitcoin holdings reached an impressive 848,250 BTC. The total purchase cost of these Bitcoins was approximately $64 billion, with an average purchase price of $75,444 per Bitcoin.
In addition, the company holds approximately $5.5 billion in U.S. dollar cash/reserves.
Questioning Bitcoin's rally
On September 22, this gold bull expressed skepticism about Bitcoin’s recent rally, believing it was partly driven by Strategy’s latest announcement of Bitcoin purchases. Another factor was Saylor’s optimism regarding the stalled CLARITY Act.
A few days ago, Schiff also stated that the increasing tokenization of stocks could threaten Bitcoin's investment thesis.
He believes investors may have better alternatives than Bitcoin: securities issued by profitable, dividend-paying companies built on blockchain technology.