Bitcoin investor and Ego Death Capital co-founder Jeff Booth has warned that Strategy’s long-term survival depends on Bitcoin evolving into an actual medium of exchange, not merely remaining a balance-sheet asset. In an interview with Scott Melker on The Wolf of All Streets, Booth said: “For Strategy to do well long term, the yin and yang has to happen together. Bitcoin needs to be a currency.” He argued that if Bitcoin stays only a financial instrument, Strategy could eventually face government intervention because its value would be tied primarily to the underlying asset. Conversely, “If Bitcoin emerges as a currency, then Strategy becomes one of the most valuable companies around, because they went early.”
Booth also criticized companies formed solely to accumulate BTC, saying firms should generate cash in the existing economy and then save part of it in Bitcoin. He extended that concern to Bitcoin yield products, warning that high interest rates offered in exchange for giving up self-custody can recreate the financial structure Bitcoin was intended to challenge.
The remarks arrive as Strategy’s treasury position has shifted. On August 10, the company sold 1,690 BTC for $108.6 million and used proceeds to repurchase 1.15 million STRC preferred shares, while separately selling 6.59 million MSTR shares to raise $653.1 million for its cash reserve, which now exceeds $4.6 billion. Total Bitcoin holdings have fallen to 840,447 BTC, bought for $63.36 billion at an average price of $75,385. CEO Phong Le said on August 12 that Strategy plans to resume Bitcoin purchases by year-end, calling the recent sales a pause rather than a change of direction. The firm has bought roughly 175,000 BTC in 2026 and sold about 7,000, making it a 25-times net buyer.
Meanwhile, Strategy and Metaplanet have formally shifted their corporate Bitcoin frameworks toward per-share Bitcoin accretion, measured by BTC Yield. Strategy reported a 4.5% BTC Yield year-to-date in Q2 2026, generating a BTC Gain of about 29,997 Bitcoin worth roughly $1.95 billion. It held 843,775 Bitcoin as of July 26, 2026, with a book market value of about $54.77 billion and average acquisition cost of $75,476 per Bitcoin. Metaplanet reported a 9.6% BTC Yield year-to-date as of August 2026, substantially above Strategy’s figure. The Japanese firm holds 43,000 BTC, worth about $2.6 billion, and acquired 2,823 Bitcoin during Q2 2026 for 35.886 billion yen through debt and bond issuances without shareholder dilution. Metaplanet targets 100,000 Bitcoin by end-2026 and 210,000 by end-2027.
The BTC Yield model depends on a valuation premium to net asset value. Strategy’s modified net asset value multiple fell below 1.0x in June 2026, and shares dropped to $82.16, the lowest since February 2024. The compression eliminated the valuation buffer that had powered accumulation. A potential MSCI index exclusion adds structural risk: MSCI began an August 2026 consultation that could remove “non-operating companies” from global investable market indices. The proposed screening framework would remove Strategy, Metaplanet, and uranium holder Yellow Cake from the MSCI ACWI IMI index. Exclusion would likely trigger passive fund selling and compress the NAV premium further, potentially breaking the premium-dependent accumulation loop.
Strategy also reported $4.8 billion in USD reserves as of August 2026, providing a 2.1-year dividend coverage runway, and raised $334 million through an at-the-market equity offering during the week of August 10–16 without buying or selling Bitcoin. In July, it sold 3,588 Bitcoin for $216 million to pay Digital Credit securities dividends. A subsequent sale of 1,638 Bitcoin for about $102.33 million reduced holdings from 843,775 to 842,138, creating a negative quarterly net purchase balance of -3,862 Bitcoin and a -4.6% yield for that period. With Bitcoin trading near $63,500 in mid-August 2026, Strategy’s 840,447 BTC were worth about $53.4 billion against a cumulative purchase cost of $63.36 billion, an unrealized loss of roughly $10 billion.
The companies’ accumulation targets remain ambitious: Strategy aims for 1 million Bitcoin, about 4.8% of total supply, while Metaplanet targets 100,000 Bitcoin by end-2026 and 210,000 by end-2027. Achieving those goals requires sustained capital market access and positive BTC Yield performance, making the MSCI consultation and mNAV compression the main near-term risks to the corporate Bitcoin treasury model.
