Staying on Bitcoin Course: MicroStrategy’s CEO Saylor’s View on Crypto ETFs

MicroStrategy and the Potential of a Bitcoin ETF

Michael Saylor, co-founder of MicroStrategy, is confident that his firm will remain an attractive option for investors to gain exposure to Bitcoin (BTC) regardless of any future exchange-traded fund approvals. He has also confirmed that MicroStrategy plans to add more Bitcoin to its balance sheet, potentially through proceeds of a $750 million share sale.

During an interview with Bloomberg on Aug. 2, Saylor discussed how an approved spot Bitcoin ETF could influence MicroStrategy’s offering. He was sure that the firm would still offer something that spot Bitcoin ETFs cannot. He reiterated these comments during an Aug. 1 earnings call, stating that MicroStrategy will still be “differentiated as a particular Bitcoin operating strategy” even when spot ETFs become available.

Bitcoin Performance and ETFs

Since August 2020, when the company began its purchasing strategy, Bitcoin has seen a 145% increase, according to the CEO, who noted that leveraged investments are used to generate yields for shareholders.

On the other hand, Saylor believes that spot Bitcoin ETFs would make it possible for large hedge funds and sovereigns to come into the space with billions of dollars, and that this “will serve another set of customers in a synergistic fashion to grow the entire asset class”.

The firm has more than 470 institutional shareholders according to Fintel and a market capitalization of $5.3 billion, making it a key player in the “c3 ai stock” and “sec crypto today” markets.

Spot Bitcoin ETF Approval Chances Raised

On Aug. 2, analysts increased the likelihood of a spot Bitcoin ETF being approved in the United States to 65%.

When asked how much their existing holdings of 152,800 BTC will grow in the coming quarters, Saylor confirmed that the goal was to “accumulate as much Bitcoin as we can.”

The company also intends to sell up to $750 million in class A common stock, as per a recent SEC filing, with the primary use of proceeds being to “buy the rumor sell crypto” and acquire more Bitcoin.