Arca Chief Investment Officer Jeff Dorman pushed back Sunday against renewed speculation that Strategy could be forced to sell its bitcoin holdings, arguing that concerns about the company’s financial resilience overlook key fundamentals, including its balance sheet strength, governance structure and cash-flow support.

Skepticism around Strategy’s leveraged bitcoin strategy reemerged over the weekend, drawing sharp criticism from Bitcoin opponent Peter Schiff, chairman of Schiff Gold and chief global strategist at Euro Pacific Asset Management. In a series of posts on X, Schiff claimed that Strategy’s model relies heavily on yield-seeking buyers of its preferred shares, argued that the advertised returns “will never actually be paid” and warned that the firm could enter a “death spiral” if demand weakens. He went so far as to predict the company “will eventually go bankrupt” and publicly challenged Michael Saylor to debate him at Binance Blockchain Week in Dubai in early December — a move that appeared designed to provoke a direct confrontation over the company’s approach to holding bitcoin.

Dorman, in contrast, characterized the circulating fears as “stupid, inaccurate takes,” stating in his own post on X that claims of forced bitcoin sales ignore Strategy’s structural protections. While he did not address Schiff by name, his comments directly countered the broader narrative pushed by skeptics.

According to Dorman, Saylor’s 42% ownership stake makes an activist-driven restructuring “almost impossible,” reducing the likelihood of external pressure to liquidate assets. He also emphasized that none of Strategy’s outstanding debts contain covenants that would require the firm to sell bitcoin under market stress. Additionally, he noted that Strategy’s legacy software division continues to generate positive cash flow, supporting interest payments that he described as manageable. Companies rarely default solely because debt maturities approach, he added, arguing that lenders frequently opt to extend terms in what he called the familiar “extend and pretend” dynamic.

Despite the company’s growing bitcoin reserves, Strategy’s Class A shares have struggled. The stock closed at $199.74 on Friday, down 4.22% for the day and 33.42% year to date, while bitcoin has gained roughly 0.4% over the same period. Data from StrategyTracker shows the firm’s diluted market net asset value multiple hovering near 1.06x, indicating the shares trade only slightly above a conservative estimate of their bitcoin-backed value, adjusted for potential dilution from future shares tied to options, warrants and convertibles.

Dorman also pushed back on the idea that Strategy represents systemic risk to bitcoin, noting that the company is no longer a significant marginal buyer relative to ETF inflows. “If you follow anyone saying MSTR is a risk to BTC, tell them to call me,” he wrote.

Bitcoin was trading around $94,293 at 11 p.m. UTC, down 1.2% over the past 24 hours