Arthur Hayes says spot Bitcoin ETFs are better than Strategy stock

BitMEX co-founder Arthur Hayes said in an interview with crypto journalist Laura Shin that investors seeking Bitcoin exposure through the stock market would be better off buying a spot ETF than Strategy (MSTR) shares. Hayes said Strategy briefly made sense when the market feared BTC could fall to $20,000, but added the company matters less in an easing economic environment with expanding liquidity provision. If investors want to use the stock market for BTC reinvestment, Hayes said, they can buy BlackRock’s spot Bitcoin ETF IBIT or other ETFs, adding there is no reason to buy Strategy. Hayes also said institutional demand for crypto investment is unlikely to flow through Strategy, and added the structure does not work unless Strategy shares trade at a premium to modified net asset value, or mNAV.