Ripple CEO Criticizes MicroStrategy's Bitcoin Funding as STRC Preferred Shares Hit Record Low

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Ripple CEO Brad Garlinghouse criticized MicroStrategy's preferred-stock-funded bitcoin buying strategy on Thursday, saying it has damaged the broader crypto market despite his bullish stance on bitcoin itself. Garlinghouse called the roughly 25% decline of STRC preferred shares below their US$100 par value a "damning indictment" of the approach, as the shares hit a record low. CryptoQuant analysts meanwhile urged MicroStrategy to pause bitcoin purchases and rebuild cash reserves, warning that the dividend coverage cushion behind STRC has shrunk from over seven years to approximately 14 months.
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