Peter Schiff Tells Michael Saylor That Buying Bitcoin While MSTR Trades Below NAV Makes No Sense

Peter Schiff has once again taken aim at Michael Saylor, this time questioning the logic behind Strategy (MSTR) continuing to buy Bitcoin while its own stock trades below net asset value (NAV). Schiff’s argument is simple: if MSTR shares are valued by the market at less than the Bitcoin and assets they already represent, then buying more Bitcoin does little to benefit shareholders in the short term.

From Schiff’s perspective, Saylor would be better off using capital to buy back discounted shares rather than accumulating more BTC. In traditional finance, buying back stock below NAV is often seen as an efficient way to create immediate shareholder value. Schiff argues that ignoring this basic principle weakens Saylor’s claim that every Bitcoin purchase is automatically accretive.

Saylor, however, sees things differently. He has repeatedly said Strategy is not managing a typical balance sheet but executing a long-term Bitcoin accumulation strategy. In his view, short-term discounts to NAV don’t matter if Bitcoin ultimately appreciates significantly over time. To Saylor, MSTR is a vehicle for long-duration Bitcoin exposure, not a stock optimized for quarterly valuation efficiency.

The exchange highlights a deeper divide. Schiff evaluates MSTR through a traditional valuation lens, while Saylor operates from a Bitcoin maximalist framework. Whether buying BTC below or above NAV “makes sense” ultimately depends on which worldview investors believe will win out over the long run.