Arthur Hayes says buying a BTC ETF makes more sense than Strategy

BitMEX co-founder Arthur Hayes said Strategy’s business model may no longer work as effectively as it once did as Bitcoin’s rally slows, according to Wu Blockchain. Hayes said Michael Saylor faces difficult choices including issuing additional shares, selling BTC, or halting dividend payments. He argued MSTR has lost influence and no longer has a basis to trade at a premium. For investors seeking Bitcoin exposure through the stock market, Hayes said directly buying an ETF such as IBIT is a more rational choice than investing in MSTR, which he said depends heavily on one individual’s absolute control. Hayes added that once the premium disappears, Strategy’s existing strategy will no longer work.