MicroStrategy to stay on Bitcoin course even if spot ETFs approved: Saylor
MicroStrategy co-founder Michael Saylor believes his firm will remain an enticing way for investors to gain exposure to Bitcoin (BTC) regardless of any future exchange-traded fund approvals.
He has also confirmed his firm's intention to continue adding more Bitcoin to its balance sheet, including with the potential proceeds of a planned $750 million share sale.
Speaking to Bloomberg on Aug. 2 on how an approved spot Bitcoin ETF could impact his firm’s offering, Michael Saylor was confident MicroStrategy would still be able to offer something spot Bitcoin ETFs can
Consider a #Bitcoin Strategy. pic.twitter.com/MJcGxiVHop
He made similar comments during the Aug. 1 earnings call, saying that MicroStrategy will still be “differentiated as a particular Bitcoin operating strategy” when spot ETFs arrive.
Bitcoin is up 145% since the company started its purchasing strategy in August 2020, he said, adding that his firm uses leveraged investments to generate yields that are passed to shareholders.
On the other hand, Saylor said spot Bitcoin ETFs would allow large hedge funds and sovereigns to come into the space with billions of dollars.
“Spot ETFs will serve another set of customers in a synergistic fashion to grow the entire asset class,” he added at the earnings call.
The firm has more than 470 institutional shareholders according to Fintel and a market capitalization of $5.3 billion.
Related: MicroStrategy returns to profit and now owns $4.4B worth of Bitcoin
On Aug. 2, analysts raised spot Bitcoin ETF approval chances in the United States to 65%.
Saylor confirmed the goal is to “accumulate as much Bitcoin as we can,” when asked how much their existing holdings of 152,800 BTC will increase in the quarters to come.
He also
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