Peter Schiff Backs Bitcoin Instead of MSTR in Unexpected Swipe at Michael Saylor
Economist Peter Schiff issued a strong warning to Bitcoin investors following MicroStrategy’s latest share issuance. The company raised $544.5 million by selling MSTR shares without purchasing a single BTC, dropping its annualized “Bitcoin Yield” to 4.5%. According to Schiff, this yield fell by 66% since late May, diluting shareholders’ direct exposure per circulating share.
Why is $MSTR up 7% this morning? @saylor's latest move reduced the YTD Bitcoin yield to 4.5%. That yield stood at 13.3% on May 25. That’s a 66% reduction in two months! At this rate the 2026 Bitcoin yield will be negative. If you’re bullish, you’re better off just owning Bitcoin.
- Peter Schiff (@PeterSchiff) July 27, 2026
Bitcoin yield measures the amount of BTC backing each share of the company. Issuing more shares without buying tokens decreases this metric—a consequence the firm itself anticipated in its quarterly report. As the company allocates funds toward share buybacks and capital reserves, it faces $1.76 billion in annual financial commitments between interest and dividends. For analysts, this dilution could put pressure on valuations if Bitcoin’s price does not accelerate.
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