Last updated on April 30th, 2026 at 01:46 pm
Bitcoin skeptic Peter Schiff has intensified his long-running issue with Michael Saylor, branding Strategy’s STRC perpetual preferred stock as “the most obvious Ponzi” he has ever seen. The criticism comes as STRC edges back toward its $100 par value, buoyed by renewed momentum in Bitcoin and a sharp rally in Strategy shares.
Sometimes a Ponzi scheme is not obvious. The only sign may be that it seems too good to be true. But that is not the case with $STRC, which is the most obvious Ponzi that has ever existed. The fact that the SEC allows @Saylor to promote it is more proof that we don’t need an SEC.
— Peter Schiff (@PeterSchiff) April 22, 2026
Schiff targets STRC structure and SEC oversight
Schiff’s latest remarks, shared on April 23 via X, argue that STRC’s appeal lies less in Bitcoin exposure and more in its eye-catching 11.5% annual dividend, paid monthly. According to him, the structure incentivizes investors chasing yield rather than understanding underlying risks.
Strategy, formerly MicroStrategy, issues STRC preferred shares to raise capital, which it then channels into Bitcoin purchases. The firm now holds over 815,000 BTC, cementing its position as the largest corporate Bitcoin holder.
Schiff didn’t stop at the company. He also took aim at the U.S. Securities and Exchange Commission, questioning why regulators have allowed continued promotion of the product. He warned that if dividends are cut or the stock declines sharply, legal consequences could follow, arguing the structure may be “misleading enough to constitute fraud.”
Stock momentum builds as Bitcoin recovers
Despite the criticism, investor appetite for STRC appears intact. The stock climbed to around $99.50 in after-hours trading, closing in on its $100 par value. Meanwhile, Strategy’s common stock surged 9.39% to close at $179.36, reflecting broader optimism tied to Bitcoin’s recovery.
The flagship cryptocurrency, Bitcoin, briefly pushed above $79,000 before settling near $77,900, with increased trading activity signaling renewed market participation.
Wall Street sentiment remains largely bullish. TD Cowen analyst Lance Vitanza reiterated a buy rating on Strategy, maintaining a $385 price target. He highlighted STRC’s dividend model as a potential “funding loop” that could sustain ongoing Bitcoin accumulation.
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