Arthur Hayes: Spot Bitcoin ETFs Preferred Over Strategy Stock
By: coinness.com|2026/08/21 00:17:07
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BitMEX co-founder Arthur Hayes stated that investors seeking Bitcoin exposure via the stock market should opt for a spot ETF rather than Strategy (MSTR) shares. He noted that while Strategy was relevant when fears of Bitcoin dropping to 20000 dollars were prevalent, its significance diminishes in a favorable economic climate with increasing liquidity. Hayes suggested that for Bitcoin reinvestment through the stock market, investors could consider BlackRock’s spot Bitcoin ETF IBIT or other similar ETFs, asserting there is no justification for purchasing Strategy. He also indicated that institutional demand for crypto investments is unlikely to be directed through Strategy, emphasizing that the structure only functions if Strategy shares trade at a premium to modified net asset value (mNAV).
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