Bitcoin

Spot

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 Michael Saylor compared his company to a “sportscar” and a spot ETF to a “supertanker” regarding how they would expose investors to the Bitcoin market. 
 Regardless of any upcoming approvals for exchange-traded funds, MicroStrategy co-founder Michael Saylor is confident that his company will continue to be a compelling method for investors to get exposure to Bitcoin BTCtickers down$29,121. 
 Additionally, he has affirmed that his company intends to keep adding Bitcoin to its balance sheet, possibly with the money from a proposed $750 million share offering. 
 In an interview with Bloomberg on August 2, Michael Saylor expressed confidence that MicroStrategy can still provide something that spot Bitcoin ETFs can’t. 
 Similarly, he stated that even with the arrival of spot ETFs, MicroStrategy will continue to be “differentiated as a particular Bitcoin operating strategy” during the August 1 earnings call. 
 He added that his business uses leveraged investments to produce yields that are then distributed to shareholders, noting that the price of bitcoin has increased by 145% since the company began its purchasing strategy in August 2020. 
 “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.” 
 On the other hand, Saylor asserted that spot Bitcoin ETFs would enable major majesties and barrier funds to enter the market with billions of dollars. 
 “We are a unique instrument; we are the sportscar, whereas the spot ETF is going to be the supertanker.” 
 During the earnings call, he stated, “Spot ETFs will synergistically serve another set of customers to grow the entire asset class.” 
 According to Fintel, the company has more than 470 institutional shareholders and a market value of $5.3 billion. 
 On August 2, experts increased the likelihood of a spot Bitcoin ETF being approved in the US to 65%. 
 When asked how much their current holdings of 152,800 BTC will expand in the upcoming quarters, Saylor responded that the goal is to “accumulate as much Bitcoin as we can.” 
 Following a recent SEC filing, he also stated that the company wants to sell up to 750 million dollars worth of class A common stock and that “generally, the only use of the proceeds is just to acquire Bitcoin.”  
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Saylor Confirms MicroStrategy’s Bitcoin Path Despite Potential Spot ETF Approvals

TheBitTimes

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