TLDRPeter Schiff said Bitcoin bulls may be better off owning BTC directly instead of MSTR shares.Strategy sold 5.43 million common shares and raised about $544.5 million.The company did not buy Bitcoin during the latest reporting period.Strategy’s Bitcoin holdings remained at 843,775 BTC.Its year-to-date Bitcoin yield fell from 13.3% on May 25 to 4.5%.Peter Schiff has questioned the value of buying Strategy (MSTR) stock instead of Bitcoin. The economist said bullish investors may gain clearer exposure by holding BTC directly rather than buying the company’s shares.Schiff made the comments after Strategy reported another large common stock sale. The company raised $544.5 million but did not use the funds to purchase more Bitcoin.Schiff Questions Rally in MSTR SharesStrategy sold 5,429,160 MSTR shares during the latest reporting period. However, the company bought no Bitcoin, leaving its total holdings unchanged at 843,775 BTC.Schiff questioned why the stock gained about 7% after the sale. He argued that issuing more shares without adding Bitcoin reduces the amount of BTC linked to each common share.Strategy’s year-to-date Bitcoin yield fell to 4.5%. The figure stood at 13.3% on May 25, showing a sharp decline within two months.Schiff said investors who remain bullish on Bitcoin may be better served by owning the asset directly. He also warned that Strategy’s Bitcoin yield could turn negative if the current trend continues.Strategy Directs Funds Toward Cash ReserveStrategy placed $525 million from the stock sale into its dollar reserve. The reserve now holds about $3.7 billion, according to the company’s latest filing.The company also used $25 million to repurchase STRC preferred shares. These moves show that Strategy currently has funding needs beyond expanding its Bitcoin treasury.Its Bitcoin holdings have increased by only 37 BTC since May 25. The company has now completed four weeks without announcing a new Bitcoin purchase.Strategy also sold 3,588 BTC earlier in the cycle for about $216 million. It used those funds to support preferred dividend payments.Bitcoin Yield Falls as Share Count RisesBitcoin yield measures the change in Bitcoin exposure linked to each MSTR share. When Strategy issues stock without buying BTC, the Bitcoin amount per common share can decline.Strategy Inc, MSTRStrategy has already identified this risk in its quarterly filings. Continued stock issuance may reduce the direct link between the common stock and the company’s Bitcoin holdings.Schiff has argued that Strategy now directs more value toward creditors and preferred shareholders. He believes common shareholders face dilution when the company sells stock without adding Bitcoin.However, Schiff remains a long-term Bitcoin critic. His call for bulls to buy BTC instead of Strategy remains hypothetical because he has said he would own neither asset.Long-Term Data Supports Strategy BullsBitcoin researcher Adam Livingston presented a different view based on historical returns. He reviewed more than 1.1 million holding periods between August 2020 and July 2026.His findings showed that Strategy outperformed Bitcoin in 68.75% of the periods studied. The gap was small over short periods but became wider over longer holding periods.The study found that a median four-year Strategy investment produced almost 108.6% more ending wealth than holding Bitcoin directly. Livingston linked that performance mainly to longer holding periods.Bitcoin traded near $64,500 as the debate continued. Both Bitcoin and MSTR shares remained exposed to market moves before the Federal Reserve’s next policy decision.The post Strategy (MSTR) Share Sales Draw Fresh Peter Schiff Criticism appeared first on Blockonomi.