Ripple CEO Brad Garlinghouse argued that the long-term value of digital assets depends on real-world utility rather than financial structuring, taking aim at Strategy's Michael Saylor and his bitcoin-accumulation strategy. Garlinghouse said such financial engineering does not create durable value and suggested Saylor's approach has weighed on the broader crypto market. His remarks came as Strategy's STRC instrument traded roughly 25% below its par value, raising questions about the sustainability of the company's leveraged bitcoin holdings. The criticism reflects a wider debate over whether corporate treasury strategies built around accumulating bitcoin add lasting value or introduce additional risk. Garlinghouse emphasized utility-driven adoption as the foundation for asset appreciation, contrasting it with structures designed primarily to amass cryptocurrency. The comments highlight ongoing tensions between different philosophies on how digital assets should derive and sustain their worth over time.
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