Brad Garlinghouse said he remains bullish on Bitcoin as a long-term store of value but argued that Strategy's leveraged Bitcoin accumulation model has weighed on broader crypto sentiment. He also contended that lasting value in digital assets will come from real-world utility.

"Financial engineering does not drive long-term value ... long-term value of any digital asset is going to be driven by utility," said Garlinghouse.

Ripple CEO Brad Garlinghouse criticizes Strategy's Michael Saylor as STRC preferred stock trades 26% below its $100 par value, raising dividend