MicroStrategy Maintains it’s Stance as a Bitcoin Defender Amid ETF Potential

MicroStrategy Maintains Stance as Bitcoin Proxy Amid ETF Potential
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Michael Saylor, the co-founder, and chairman of MicroStrategy, recently shared his insights during an interview with Bloomberg Television. In this conversation, he expressed his confident outlook regarding the continued relevance of his software company, particularly as a major backer of Bitcoin (BTC).

Saylor said this relevance will be maintained even in the face of the potential approval for the first spot Bitcoin Exchange-Traded Fund (ETF) focused on holding cryptocurrency.

MicroStrategy’s Role as a Bitcoin Holder

Saylor’s remarks shed light on the significance of MicroStrategy’s role as a Bitcoin holder. Despite the potential emergence of an ETF, Saylor articulates that his firm’s distinct position and strategic focus on BTC as a treasury reserve asset have solidified its reputation and function as a significant player in the crypto ecosystem.

Notably, the Virginia-based company’s deliberate approach to integrating Bitcoin into its corporate strategy has established a precedent beyond the implications of ETF developments. Also, the software firm has been making headlines by allocating a substantial portion of its treasury reserves to Bitcoin, a move that has garnered attention and contributed to the broader conversation about the institutional adoption of digital assets.

MicroStrategy’s Role as a Bitcoin Proxy

Meanwhile, Saylor made an analogy during the interview describing the potential impact of a Bitcoin ETF. In his words, “We are that sports car, while spot Bitcoin ETF will be the supertanker.” 

With this analogy, the presence of spot Bitcoin ETF and MicroStrategy will be of great benefit to the entire ecosystem. The spot ETF will operate as the supertanker, maintaining stability and supporting the structure, while MicroStrategy referred to as a sports car, will drive innovation and speed up progress in the Bitcoin space.

MicroStrategy Continues to Hoard BTC

Saylor confirmed that his firm would continue adding more BTC to its balance sheet, not excluding the potential proceeds from a planned $750 million share sale. He is also optimistic and certain that MicroStrategy would be able to offer things spot Bitcoin ETFs can’t.

Just recently, MicroStrategy, which now ranks as one of the largest corporate holders of BTC, purchased an additional 467 BTC for $14.4 million in July 2023, taking the BTC stockpile to a staggering 152,800 coins.

Per its earnings call, MicroStrategy stock is up 200% year to date and is getting closer to its 52-week high of $478 with its closing price of $434 on Tuesday. MSTR has gained 254% since it adopted its Bitcoin strategy in August 2020, while BTC itself has gained 145% from that point.


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