Garlinghouse Slams Saylor's Bitcoin Funding Tactics

Ripple CEO Brad Garlinghouse recently spoke out against Bitcoin acquisition tactics employed by Strategy Chairman Michael Saylor. In an interview, Garlinghouse criticized the company's use of STRC preferred shares to fund further BTC purchases.

Garlinghouse stated that financial engineering does not drive long-term value and that utility is what drives it in digital assets. He also mentioned that Strategy's approach has major implications for the crypto market, saying 'Team Michael Saylor wasn’t focused on the right stuff and that has hurt the overall market.'

The STRC preferred shares have dropped around 25% from their face value of $100. Garlinghouse called this a 'damning indictment' of Strategy's model of funding its purchases of more BTC.