Brad Garlinghouse Takes Aim At Strategy’s Debt-Fueled Bitcoin Play

TL;DRRipple CEO Brad Garlinghouse argued that Strategy’s model of leveraging preferred stock and debt to buy Bitcoin is speculative and has amplified downward volatility, pointing to Strategy's preferred shares (STRC) trading at a 25% discount to its par value.
The key caveat: Make sure to clarify that Garlinghouse is still bullish on Bitcoin itself; his criticism is focused entirely on the corporate financing structure.
For traders, the story matters because it affects how capital, liquid