{"id":33426,"date":"2026-06-30T09:05:48","date_gmt":"2026-06-30T09:05:48","guid":{"rendered":"https:\/\/bitunikey.com\/news\/saylors-bitcoin-model-faces-fire-from-ripple-ceo\/"},"modified":"2026-06-30T09:06:04","modified_gmt":"2026-06-30T09:06:04","slug":"saylors-bitcoin-model-faces-fire-from-ripple-ceo","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/saylors-bitcoin-model-faces-fire-from-ripple-ceo\/","title":{"rendered":"Saylor\u2019s Bitcoin model faces fire from Ripple CEO"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Ripple CEO Brad Garlinghouse has criticized Michael Saylor\u2019s Bitcoin strategy, arguing that Strategy\u2019s funding approach added pressure to the wider crypto market.\u00a0<\/p>\n<div id=\"cn-block-summary-block_7c30aae3420fb3b7c38ac4bc1d2ecc56\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Brad Garlinghouse said Strategy\u2019s Bitcoin funding model added pressure during the latest crypto market pullback.<\/li>\n<li>Strategy authorized up to $1.25 billion in Bitcoin sales to support dividends, reserves and buybacks.<\/li>\n<li>Ripple\u2019s CEO said long-term crypto value should come from utility, not complex capital structures.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>In a CNBC clip shared by Squawk on the Street, Garlinghouse said, \u201cI think team Michael Saylor wasn\u2019t focused on the right stuff, and that has hurt the overall market.\u201d<\/p>\n<p>Garlinghouse later posted on X that \u201cFinancial engineering doesn\u2019t drive long-term value. Utility does.\u201d As previously reported by crypto.news, he also said during a CNBC interview that lasting value in digital assets should come from real-world use, not from financial structuring used to keep buying Bitcoin.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Financial engineering doesn\u2019t drive long-term value. Utility does <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/t.co\/BMz0XaWkkj\">https:\/\/t.co\/BMz0XaWkkj<\/a><\/p>\n<p>\u2014 Brad Garlinghouse (@bgarlinghouse) <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/x.com\/bgarlinghouse\/status\/2071655901467934809?ref_src=twsrc%5Etfw\">June 29, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>His comments came as Bitcoin and XRP remained under pressure after months of weak price action. The debate now centers on whether large corporate Bitcoin strategies can support the market during downturns, or whether they add selling pressure when capital structures weaken.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h2 class=\"wp-block-heading\"><strong>Strategy Bitcoin plan draws scrutiny<\/strong><\/h2>\n<p>Strategy has relied on equity and preferred stock programs to grow its Bitcoin holdings. Its STRC preferred stock has traded below its $100 reference level, raising questions about investor demand for the product and the cost of funding future Bitcoin purchases.<\/p>\n<p>As reported by crypto.news, Strategy has now approved a new Digital Credit Capital Framework that allows the company to monetize up to $1.25 billion worth of Bitcoin if needed. Proceeds may go toward cash reserves, preferred stock dividends, debt obligations and buybacks of preferred securities or Class A shares.<\/p>\n<p>The company also raised STRC\u2019s annual dividend rate to 12% from 11.5% and increased its protected cash reserve to $2.55 billion. Strategy said the reserve covers about 17 months of preferred dividends and interest payments.<\/p>\n<p>Reuters <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/finance\/strategys-valuation-falls-below-bitcoin-holdings-crypto-sentiment-sours-2026-06-29\/\" target=\"_blank\" rel=\"nofollow\">reported<\/a> that Strategy\u2019s enterprise value fell below the value of its Bitcoin holdings for the first time, with its mNAV ratio at 0.99. The company\u2019s shares rose after it announced buybacks and the Bitcoin sale authorization, but the report said the milestone could weaken confidence in its long-running Bitcoin bet.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Market debate shifts to utility<\/strong><\/h2>\n<p>Garlinghouse\u2019s remarks framed the issue as a split between financial structure and utility. His position is that crypto projects need real use cases, active payment rails, settlement value and institutional adoption to create durable demand.<\/p>\n<p>That message fits Ripple\u2019s recent public focus on payments, stablecoins, custody and tokenization. Garlinghouse has argued that XRP sits at the center of Ripple\u2019s 2026 strategy across payments, custody, liquidity and treasury management.<\/p>\n<p>Supporters of blockchain utility made similar points after Garlinghouse\u2019s comments. XRP Ledger validator Vet <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/Vet_X0\/status\/2071657924238196763?s=20\" target=\"_blank\" rel=\"nofollow\">wrote<\/a> that blockchain can solve real-world problems such as 24\/7 settlement, weekend access to collateral and neutral internet-native assets.<\/p>\n<p>The exchange also comes as Strategy faces pressure from its own Bitcoin-heavy balance sheet. As reported by crypto.news, Strategy holds 847,363 BTC, bought for about $64 billion at an average cost near $75,650 per coin, leaving the position billions underwater when Bitcoin trades below $60,000.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ripple CEO Brad Garlinghouse has criticized Michael Saylor\u2019s Bitcoin strategy, arguing that Strategy\u2019s funding approach added pressure to the wider crypto market.\u00a0 Summary Brad Garlinghouse said Strategy\u2019s Bitcoin funding model&hellip;<\/p>\n","protected":false},"author":1,"featured_media":33256,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-33426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/33426","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=33426"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/33426\/revisions"}],"predecessor-version":[{"id":33427,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/33426\/revisions\/33427"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/33256"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=33426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=33426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=33426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}