Ripple CEO criticizes MicroStrategy Bitcoin financing

Ripple CEO Brad Garlinghouse has publicly criticized the Bitcoin acquisition strategy employed by Michael Saylor and his company, MicroStrategy, arguing that its reliance on financial engineering is harming the broader cryptocurrency market. Garlinghouse made the remarks in a televised interview with CNBC on Friday, June 26, 2026, as Bitcoin's price traded below $60,000.

Garlinghouse specifically pointed to the performance of MicroStrategy's perpetual preferred stock, traded under the ticker STRC, which was trading at a roughly 25% discount to its $100 face value. He described the decline as a damning indictment of the company's approach, which involves issuing securities to fund additional Bitcoin purchases. For approximately the past year, MicroStrategy has used instruments like STRC, which carry an 11.5% cumulative annual dividend obligation, to finance its expanding Bitcoin treasury.

The Ripple CEO argued that sustainable, long-term value in the digital asset space should be driven by real-world utility rather than such financial structuring. He maintained that he remains bullish on Bitcoin itself but believes MicroStrategy's model creates market distortions and does not...