Ripple CEO Says Saylor Is Hurting Crypto Market as STRC Discount Widens to 26%

Strategy has spent the past year raising funds through preferred-share offerings to buy bitcoin. STRC is built around a $100 face value and an 11.5% annual dividend, with continued fundraising dependent on its share price remaining close to par. Ripple CEO Brad Garlinghouse said such financial engineering distracts from the digital asset industry's focus on creating long-term value through real-world utility.

In a CNBC interview on June 26, 2026, Garlinghouse remained bullish on bitcoin but criticized Michael Saylor's strategy for hurting the broader crypto market. STRC hit a record low on June 25, at one point trading at a 26% discount to its $100 face value. Strategy's common shares closed the following day at about $82, while bitcoin fell below $59,000.