Michael Saylor’s Bitcoin strategy made headlines again after a software producer revealed that it bought 3,081 BTC for around $357 million at an average price of $115,829. The company now has 632,457 BTC, worth over $71 billion, with an average entry of $73,527.
Based on the numbers, Strategy is still up more than 52% despite the recent market ups and downs.
Before the announcement, Saylor had said that Bitcoin was on sale, but it is all fun until Peter Schiff steps into the Bitcoin debate.
Buy Bitcoin? It may be a good idea, but according to Schiff the real opportunity will not come until companies like Strategy go bust. For him, the only interesting entry point would be when companies that are heavily invested in Bitcoin have to sell a lot of their holdings, which would be like a fire sale.
Says the man who leveraged up to go all-in on Bitcoin. if you really want to buy Bitcoin, wait until the Strategy going out of business sale.
— Peter Schiff (@PeterSchiff) August 24, 2025
That critique is in line with a growing concern about how companies are handling their “Bitcoin treasuries.”
Risks of Bitcoin treasury companies
The model often involves issuing stock at premiums, channeling the proceeds into Bitcoin, and watching valuations rise in a feedback loop. It works while the premium is good, but once it fades, capital inflows stop and the setup starts to look like a margin trade with no room for error.
For now, Strategy is still the big name in this field. The company’s market cap is currently at $99 billion, with an enterprise value of almost $113 billion, and its Bitcoin holdings account for nearly three-quarters of that total.
Even so, Schiff’s point is still hanging in there: that the best time to buy Bitcoin might not be when Saylor talks about but when the system that supports corporate treasuries built on BTC finally breaks down.