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MicroStrategy’s Michael Saylor Says Spot ETF Approvals Have No Bearing On Bitcoin Strategy

MicroStrategy co-founder and former CEO Michael Saylor has stated that potential Spot Bitcoin ETF approvals will not influence the company’s “Bitcoin Strategy.”

MicroStrategy Has A Unique Bitcoin Offering

During a discussion with Bloomberg on August 2, Saylor stated that even if the SEC approves the spot Bitcoin ETF applications, it would not affect his company’s offerings. According to him, MicroStrategy’s Bitcoin offering offers a unique proposition that the spot Bitcoin ETFs cannot emulate. 

Saylor echoed similar sentiments during the earnings call on August 1 when he stated that MicroStrategy’s unique “Bitcoin operating strategy” will make it stand out even when spot Bitcoin ETFs arrive

The ex-CEO explained that, “We can tap into leverage because we’re an operating company, which an ETF couldn’t do so we view it as being beneficial to the entire ecosystem.”

However, he believes these spot ETFs are good for the crypto industry as they will welcome institutional investors who boast more than enough liquidity into the space.

Differentiating his company’s offering from spot ETFs, he stated:

We are a unique instrument, we are the sportscar whereas the spot ETF is going to be the supertanker. Spot ETFs will serve another set of customers in a synergistic fashion to grow the entire asset class.

MicroStrategy had filed an application to the SEC to sell up to $750 million in Class A common stock. Saylor also confirmed that his company would use the potential proceeds of this stock sale to “acquire Bitcoin.” 

MicroStrategy’s Chief Financial Officer, Andrew Kang, had also confirmed that the proceeds from the proposed sale will be used for “the purchase of Bitcoin as well as the repurchase or repayment of outstanding debt.”

Saylor’s Faith In Bitcoin Paying Off

Saylor’s MicroStrategy, which happens to be one of the largest holders of Bitcoin, started buying the cryptocurrency in 2020 as a hedge against inflation. The company’s purchases largely resulted from Saylor’s faith in the token as he continued to advocate for it despite the recent market conditions in the crypto market.

Saylor stepped down as the CEO a year ago just to focus on the company’s Bitcoin purchasing strategy. This strategy seems to be paying off as it provides an edge for the company over its competitors, with the MSTR stocks rising tremendously since MicroStrategy’s adoption of Bitcoin. 

As revealed by Saylor in a tweet, MicroStrategy’s stocks have risen by 254% since 2020 when it started buying Bitcoin, with this performance putting the company above some key assets and big tech stocks in terms of performance. 

Saylor is not relenting as he confirmed that the goal is to “accumulate as much Bitcoin as we can” when quizzed about how much more Bitcoin the company intends to add to their existing holdings of 152,800 BTC.

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