Scaramucci Defends Saylor on CNBC, Calls Bitcoin Q4 2026 Rally

Anthony Scaramucci defended Michael Saylor on CNBC this week, telling viewers the Strategy executive chairman is “definitely not in trouble” even as Bitcoin trades well below its October 2025 record. The SkyBridge Capital founder paired that defense with a forward call: Bitcoin, he said, can rally “late in the 4th quarter of 2026 into early 2027.”

The bet lands on a fractured tape. Strategy, the software-turned-Bitcoin-treasury company Saylor co-founded, is down sharply on the year. The firm has now sold Bitcoin for the first time since 2022 to fund its preferred-stock dividend. MSTR, Scaramucci noted on the segment, still trades at a premium to the value of the Bitcoin on its balance sheet, the mechanism that gives the equity room to keep raising capital.

Scaramucci Steps In For Saylor on CNBC

Scaramucci, speaking on CNBC, said Saylor and Strategy can absorb a much deeper drawdown than the current one because of how the corporate balance sheet is constructed. “You have to really understand the mechanisms of the balance sheet to understand that Bitcoin can go a lot lower, and he’s virtually not in trouble,” Scaramucci said on the program. The mechanism, he argued, is the premium MSTR trades at over the Bitcoin sitting on the balance sheet.

As long as the equity trades at a premium, or at least not at a steep discount, to the Bitcoin the company holds, the structure can keep raising capital and keep paying its preferred-stock dividends. “I like him. I think he’s going to be right,” Scaramucci added. He used the same segment to put his own money on the record. The disclosure is consistent with SkyBridge’s standing public position, which has been bullish on Bitcoin through the 2025-2026 drawdown.

I still like Bitcoin. I own a lot of it.

Watch Scaramucci’s full CNBC interview for the broader discussion, which also touched on perpetual futures and the role of institutional buyers in the current cycle. The same forces Scaramucci credits with buffering the drawdown are doing work that retail euphoria did in earlier bull runs. The current cycle is shallower, by his count, and the macro structure is doing some of the work that the OG buyer base used to do.

The Q4 2026 Bitcoin Call

Scaramucci’s Q4 2026 call hangs on the cycle pattern, not a break with it. “I think Bitcoin starts to rally late in the 4th quarter of 2026 into early 2027,” he projected.

To frame how the cycle is playing out, Scaramucci pointed to a series of data points he considers the cycle’s signature. Bitcoin has pulled back roughly 50% from its record highs, by his read of the tape. Earlier cycles saw pullbacks of 60% to 70% from peak to trough. The current cycle is being buffered by institutional buying at the spot-ETF level, he said, with broader retail buying of Bitcoin through those same ETFs contributing the same way.

• Bitcoin has pulled back roughly 50% from its record highs, per Scaramucci’s read of the tape.
• Earlier cycles saw pullbacks of 60% to 70% from peak to trough.
• The current cycle is being buffered by institutional buying at the spot-ETF level.
• Broader retail buying of Bitcoin through those same ETFs is contributing the same way, in Scaramucci’s account.

The shallower drawdown, in Scaramucci’s framing, is the institutional and retail ETF bid doing the work that speculative excess did in earlier cycles. It is also why Scaramucci framed his call as a timing projection tied to the four-year pattern. The cycle, not a specific price level, is what he is betting on.

For more on the SkyBridge founder’s broader Bitcoin stance and his perpetual-yield analysis, see the SkyBridge founder’s broader Bitcoin cycle thesis as laid out in his earlier 2026 commentary. The same piece covers the gap between MSTR’s market cap and the value of the Bitcoin on its balance sheet, the gap Scaramucci called necessary arbitrage.

What the MSTR and BTC Tape Says Right Now

MSTR closed 5.09% lower at $116.56 during Wednesday’s regular trading session and rose 1.67% in after-hours. Year-to-date, the stock has fallen 23.29% per Benzinga’s reporting on the segment. Benzinga’s Edge Stock Rankings show MSTR with a weak price trend across short, medium, and long timeframes.

• MSTR close (Wednesday): $116.56, down 5.09% on the session.
• MSTR after-hours move: up 1.67%.
• MSTR year-to-date: down 23.29%.
• MSTR 12-month drawdown: down 57.26%.
• Benzinga Edge trend tag: weak across short, medium, and long timeframes.

Over a 12-month window the equity is down 57.26%, a drawdown that has compressed the premium the share price once commanded over the underlying Bitcoin stack. Bitcoin itself has come under pressure as Strategy, the largest single corporate holder, has turned from net buyer to net seller in dribs and drabs. BTC is trading 7% below the price Strategy received for 32 coins it sold between May 26 and May 31, per Peter Schiff’s read of the disclosure. For the full breakdown of the sale, see Benzinga’s full coverage of Strategy’s 32-BTC sale, and for the credit-signaling read on this site, see Strategy’s 32-BTC sale framed as a credit-signaling test.

The Perpetual Engine Funding the Defense

STRC, Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, is the instrument Scaramucci was defending on air. It pays an annualized dividend of 11.5%, a rate the company confirmed holds for June. That yield is what lets Strategy keep accumulating Bitcoin even when the share price weakens.

It is also what forced the company to sell Bitcoin for the first time since 2022. Between May 26 and May 31, Strategy sold 32 BTC at an average of $77,135 per coin, for roughly $2.5 million in proceeds, earmarked for STRC distributions.

The trade leaves the larger balance sheet in a tighter spot than it has been. Strategy completed a $1.5 billion convertible-note repurchase at an 8% discount during the same stretch, which drained most of the cash buffer. The company is now sitting on $871 million in cash reserves, down from a $1.44 billion USD Reserve established in late 2025 and a peak of $2.25 billion disclosed in February 2026. The reverse split of the cash buffer is the part Scaramucci did not address on air.

The company has roughly $26.1 billion remaining under its at-the-market equity program, recently extended to include an additional $21 billion of MSTR, $21 billion of STRC, and $2.1 billion of STRK. To reduce the reinvestment lag between dividend payments and fresh Bitcoin purchases, the company has proposed moving STRC distributions from monthly to semi-monthly. Saylor updated the company’s Bitcoin acquisition tracker with the message “Working better” after pausing purchases the previous week, a signal the firm is preparing to resume accumulation.

For the company’s own framing of how the dividend obligations fit into its 2026 plan, see Strategy’s Q4 2025 results and 2026 BPS guidance. The macro backdrop is no less crowded: the same drawdown coincides with $4.4 billion in spot-ETF outflows over a 13-day stretch, detailed in Bitcoin falling 51% as AI absorbs capital.

The 1.25% Math Underneath the Bet

Saylor told Strategy’s Q1 2026 earnings call that as long as Bitcoin increases by 1.25% annually, the company can continue paying dividends on its preferred stock and creating shareholder value indefinitely. Saylor’s own expectation, as restated on the same call, is that Bitcoin will rise roughly 30% per year over the long run. That target is an order of magnitude above the 1.25% floor the model needs. The 1.25% figure is the load-bearing assumption in the entire structure.

Scaramucci’s SkyBridge, separately, maintains a year-end Bitcoin price target of $180,000 to $200,000. The framing of the segment, which put Strategy’s Bitcoin reserves at nearly $52 billion and the buffer at 31 months of dividend and interest obligations with no major debt maturities until 2028, is what makes the cushion concrete. See the broader buying context in Strategy’s buying pace as rivals pulled back.

Scaramucci told viewers he sees Bitcoin beginning its next leg higher late in the fourth quarter of 2026. The cycle, on his read, is the basis for the call.

Frequently Asked Questions

What did Scaramucci actually say about Michael Saylor on CNBC?

Scaramucci said Saylor is “definitely not in trouble,” citing the structure of Strategy’s balance sheet, where MSTR trades at a premium to the Bitcoin on the books. He argued that premium is what gives Strategy room to absorb a much deeper drawdown. He added that Saylor can keep paying preferred dividends as long as the structure holds.

When does Scaramucci expect Bitcoin to rally?

Scaramucci projected Bitcoin starts a new leg higher in late Q4 2026 and into early 2027, framing the call as a continuation of the four-year cycle, not a break with it.

Is Strategy in financial trouble right now?

Per the segment, Strategy’s Bitcoin reserves are valued at nearly $52 billion, the company holds $1 billion in cash, and there are no major debt maturities until 2028. Since the segment aired, the cash buffer has been drawn down to $871 million after a $1.5 billion convertible-note buyback at an 8% discount, and Strategy sold 32 BTC for the first time since 2022 to fund STRC distributions.

What is STRC and why does it matter to this story?

STRC is Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, a perpetual instrument that pays an annualized 11.5% dividend in June. The yield funds the company’s ongoing Bitcoin accumulation and is the reason Strategy proposed moving STRC distributions to a semi-monthly cadence to reduce reinvestment lag. That same 11.5% obligation also forced the firm’s first Bitcoin sale since 2022.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrency and equity markets are volatile, and figures cited are accurate as of the time of writing. Consult a qualified financial professional before making any investment decisions.