The Sunday ritual of the crypto community-waiting for the “orange dot” from Michael Saylor-ended this week with a message more surprising than a cat in a dog show: “No buys this week.” For the first time in a coon’s age, the company’s aggressive BTC accumulation engine had gone and quit on ’em.
The reason for this “dry week” lies in the peculiar nature of their financial machinery. Strategy presently resembles a complicated clockwork toy operating on two main springs, and both of ’em failed to unwind properly this week:
- STRC (Stretch Preferred Stock): This contraption-Saylor’s pride and joy, promising an 11.5% yield-only works its magic when it trades above its $100 par value. Lately, it’s been sulking below that mark, making it about as attractive as a soup sandwich for raising capital.
- MSTR ATM (At-the-Market equity sales): After buying 3,273 BTC at the end of April, the company decided not to go stirrin’ the stock price pot too much before their big Q1 2026 earnings chin-wag on May 5.
This technical hiccup and the temporary loss of their favorite lever, STRC, provided a prime opening for critics to start poking holes in the architecture of the company’s Bitcoin acquisition strategy-which, to some, always looked about as sound as a three-dollar bill.
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Schiff labels Strategy a ‘Ponzi,’ and the most obvious one
The loudest voice of skepticism came from none other than Peter Schiff, who rushed to call STRC “the most obvious Ponzi in history,” and he says that’s because the company is so darn transparent about it. It’s like calling a skunk “obvious” because it’s waving its tail in your face.
He argues that bettin’ BTC will grow more than 11.5% a year to cover them dividends is just gambling dressed up in a fancy suit and called a “corporate strategy.”
Strategy CEO @phongle refuted my claim that $STRC is a Ponzi scheme by arguing it’s “transparent” and “very clear what we’re doing.” But I never accused Strategy of hiding the scheme. In contrast, I called STRC the most obvious Ponzi precisely because $MSTR is so open about it.
– Peter Schiff (@PeterSchiff) May 3, 2026
Strategy CEO Phong Le counters that transparency is the cure-all. Unlike them classic Ponzi schemes, there are no hidden rabbits in this hat: the assets sit out on the blockchain for all to see, and the capital comes from institutions that knowingly buy leveraged exposure to Bitcoin. Schiff’s reply? Well, sir, if you stand up in church and announce you’re building a pyramid, it don’t stop bein’ a pyramid-it just means you’re a honest pyramid-builder.
As of early May 2024, Strategy holds 818,334 BTC. Despite the pause, their average purchase price of $75,537 remains below the market’s current level, keepin’ the portfolio nicely in the black-which is more than you can say for some of them other schemes that vanish into thin air.
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2026-05-03 18:32