Arca CIO Jeff Dorman Hits Back at Critics of Saylor’s BTC Strategy

Arca CIO Jeff Dorman defended Michael Saylor's Bitcoin investment strategy against criticism suggesting it could lead to forced sales of Bitcoin. Dorman highlighted the firm’s strong balance sheet, governance, and cash flow, asserting that concerns about liquidity and potential bankruptcy are unfounded. He noted Saylor’s significant ownership stake, which he believes protects against activist takeovers. Dorman emphasized that none of Strategy’s debts compel Bitcoin liquidation, and he pointed out the positive cash flow from their legacy software business. This comes as Peter Schiff predicted that Strategy would eventually bankrupt due to its reliance on high-yield investors. Dorman challenged such views, stating that Strategy does not pose a systemic risk to Bitcoin, even as its stock has declined significantly this year, remaining above its estimated Bitcoin value. As of late November 2025, Bitcoin’s price was around $94,293, reflecting a 1.2% drop over the previous day, which has added to concerns in the market.

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