Garlinghouse Blasts Saylor's 'Financial Engineering' Approach to Buying Bitcoin

Ripple CEO Brad Garlinghouse has criticized Michael Saylor's approach to acquiring Bitcoin through issuing preferred securities like STRC, saying it relies too heavily on financial engineering rather than real-world utility.

This criticism comes as Strategy's preferred shares have dropped about 25% below their $100 face value, and its common stock has weakened alongside Bitcoin's price decline.

Garlinghouse emphasized that long-term value in crypto depends on practical blockchain use, not aggressive leveraged Bitcoin accumulation.