Brad Garlinghouse, CEO of Ripple, called Michael Saylor a leveraged Bitcoin model “bad punishment”, pointing to MicroStrategy’s preferred stock, which trades well below its price of $100 par.
Garlinghouse repeated his long-term review on Bitcoin (BTC), but drew a clear line between his views on the economy and the monetary policy that Saylor has built around it.
Saylor’s Preferred Stock Under Pressure
The strategy’s STRC timeless preferred stock traded at around $74 at the time of Garlinghouse’s review. This put it about 26% below its price of $ 100. The discount increased in 2026 when the market weighed the Strategy’s growth in the economy.
The annual fee charged to the STRC has increased by approximately $1.2 billion. Most notably, the distribution window for the Strategy has decreased from seven years to approximately 14 months.
Questions about if STRC can remain viable under the pressure of sustainability has grown among investors.
The way they are also sold 32 Bitcoin at the end of May to pay STRC fees. This was the first time the company liquidated any BTC to meet its financial obligations. The move also drew scrutiny from analysts monitoring its financial performance.
Garlinghouse Argues Utility Drives Value
Garlinghouse is opposition examines the difference between financial engineering and the cost of long-term assets. In his view, Saylor’s rent-to-buy method creates a market crisis without creating the necessary infrastructure to support it.
“Monetization does not drive long-term value … the long-term value of any digital asset is driven by demand.”
Garlinghouse has been supporting this debate with Ripple himself. He has mentioned the XRP limit payment methods as different from the leading accumulation methods.
Ripple also released its 2025 report this week, showing more than $70 million in annual payments.
The company was sent RLUSD and XRP Ledger technology for small business lending, charitable giving, and water supply programs in multiple markets, with more than $53 million reaching underserved small businesses through its Accion Opportunity Fund partnership alone.
Ripple CEO Bullish on Bitcoin
Garlinghouse also said her feelings are growing BTC it remains unchanged. He distinguished between the long-term potential and the risks that arise when companies borrow heavily to accumulate capital.
The criticism comes amid the establishment of a Bitcoin Treasury position to be a major strategy in the industry in 2026. The Strategy holds more than 843,000 BTC, about 76% of all Bitcoin on paper for public companies.
A number of other companies have followed a similar approach to Treasury, although there is no approach to strategic growth or financial complexity.
Beyond STRC, Strategy meets again security checks opened in early 2026, adding complexity to its financial outlook.
A note Ripple CEO Criticizes Saylor’s Strategy for Bitcoin While Remaining Bullish on BTC appeared for the first time BeInCrypto.
