Ripple CEO Slams Strategy's Bitcoin Purchase Model as 'Damning Indictment'

Ripple CEO Brad Garlinghouse has expressed criticism towards Strategy's Bitcoin purchase model. According to Garlinghouse, this model funds cryptocurrency purchases through the issuance of preferred shares, which he believes is detrimental to the market.

Garlinghouse stated that financial engineering does not create long-term value and emphasized that the long-term value of any digital asset is determined by its utility.

The CEO pointed out that Strategy's STRC paper has fallen approximately 25% below its intended trading level, calling it a 'damning indictment' of their chosen strategy. The company's mNAV ratio, market capitalization to BTC assets, fell to 0.99 on June 26, with the closing price being $74.6.