Ripple CEO Criticizes Strategy’s Bitcoin Model, Stays Bullish On BTC

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While stating he’s bullish on Bitcoin, Ripple CEO Brad Garlinghouse argued that Michael Saylor’s Strategy’s BTC buying increased pressure on the crypto market.

In a recent CNBC interview, Garlinghouse said that the long-term value of digital assets will come from their utility and not financial manufacturing, touching upon the issues he sees in

Strategy’s ‘negative’ effect

Garlinghouse argued that Strategy resuming BTC purchases “definitely started something,” saying that the company’s acquisition model intensified excitement and gains during Bitcoin’s rally – but is now intensifying losses during the pullback.

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This leveraged structure is compounding weakness, Garlinghouse said. “I think because they were using leverage, you start to see that in a place that can actually compound negatively,” he told CNBC.

Strategy’s preferred stock STRC is trading some 25% below par, he said, describing it as a “damning indictment” and a situation that’s working to the detriment of the market sentiment.

“Financial engineering does not drive long-term value,” Garlinghouse concluded. “Team Michael Saylor wasn’t focused on the right stuff, and that has hurt the overall market.”

Strategy holds 847,363 BTC, representing over 4% of the total circulating Bitcoin supply, worth roughly $49.4 billion, and bought at an average cost of $75,646 per coin.

Bullish on BTC

This is not to say that Garlinghouse is bearish on the world’s number one crypto. On the contrary, he’s still bullish on Bitcoin itself. Rather, he’s criticizing the corporate financing structure.

The CEO defined the current pullback as a time to “be greedy when others are fearful,” repeating that Bitcoin’s long-term value lies in its role as digital gold. At the same time, XRP’s utility lies in bringing traditional finance onto blockchain.

That said, Garlinghouse’s interview did draw some social media criticism.

Critics focused on Ripple’s long-standing practice of releasing and selling XRP from escrow. They argued that Ripple effectively finances itself through periodic XRP sales.

Additionally, some accused Garlinghouse of hypocrisy for criticizing Strategy’s financing model while Ripple itself sells XRP regularly.

Meanwhile, BTC is down 2.3% in a day, currently (Tuesday at 16:30 UTC) trading at $58,242. Over the past 24 hours, it has moved between $58,133 and $60,531. It’s down 6.5% in a day, 21% in a month, 46% in a year, and 54% from the all-time high of $126,080 recorded in October 2025.