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Ripple CEO Brad Garlinghouse criticizes Michael Saylor’s approach to funding Bitcoin purchases, arguing it has added pressure to the wider crypto market during the recent downturn. Strategy recently authorized up to $1.25 billion in Bitcoin sales to support dividends, reserves and buybacks. The move marked a shift from the company’s long standing refusal to sell any of its holdings. Garlinghouse addressed the topic in a CNBC interview shared by Squawk on the Street. “I think team Michael Saylor wasn’t focused on the right stuff, and that has hurt the overall market.” He reinforced the point afterward on X, framing his criticism around a broader principle. “Financial engineering doesn’t drive long-term value. Utility does.” Garlinghouse argues that lasting value in digital assets should come from real world use rather than complex capital structures built to keep buying Bitcoin. His comments place XRP and Ripple’s strategy in direct contrast with Strategy’s model. Garlinghouse has positioned XRP at the center of Ripple’s 2026 push into payments, custody and treasury management. Strategy’s enterprise value recently fell below the value of its own Bitcoin holdings for the first time. Its mNAV ratio sits at 0.99, a milestone that could weaken confidence in the company’s long running bet. The company’s STRC preferred stock, designed to trade near a $100 reference level, has continued sliding well below that mark. Investor demand for the product has come under increasing scrutiny. Strategy has approved a new Digital Credit Capital Framework allowing it to monetize up to $1.25 billion of Bitcoin if needed. The company still holds 847,363 BTC bought for roughly $64 billion. That average cost sits near $75,650 per coin, leaving the position billions of dollars underwater whenever Bitcoin trades below $60,000. Garlinghouse was careful to separate his criticism of Strategy’s financing method from his broader view on Bitcoin itself, saying he remains bullish on the asset long term. His remarks land as both Bitcoin and XRP stay under pressure following months of weak price action across the wider crypto market.