Arthur Hayes: Buying a Bitcoin ETF Is More Rational Than Investing in Strategy

BitcoinWorld Arthur Hayes: Buying a Bitcoin ETF Is More Rational Than Investing in Strategy BitMEX co-founder Arthur Hayes has cast doubt on the long-term viability of Strategy (formerly MicroStrategy) as a Bitcoin investment vehicle, suggesting that buying a spot Bitcoin exchange-traded fund (ETF) like IBIT is a more rational choice for stock market investors seeking crypto exposure.

His comments, reported by Wu Blockchain, come as Bitcoin’s rally shows signs of slowing, putting pressure on the company’s premium valuation model.

Hayes Questions Strategy’s Business Model Hayes argued that Strategy’s business model, which relies on issuing shares or debt to buy Bitcoin, may no longer work as effectively as it once did.

He pointed out that Michael Saylor, the company’s executive chairman, faces difficult choices: issuing additional shares, selling Bitcoin holdings, or halting dividend payments.