Bitcoin Treasury Companies Hit a Stress Test, and Only Some Are Passing

On August 10, Michael Saylor’s Strategy announced that it had sold Bitcoin, letting 1,690 BTC go at an average of $64,262, about $11,100 below what it had paid for its coins on average, and put all $108.6 million into buying back its own preferred stock. Saylor’s post about the update would go on to draw almost 12 million views. Peter Schiff, a well-known entrepreneur, obviously irked, tweeted in a direct response to Saylor’s post, “You have now reduced the Bitcoin YTD yield by 87% since May 25th (QTD it’s minus 6.4%).