United

Bitcoin

<div class="sg-post-des">
 Michael Saylor compared his firm to a “sportscar” whereas a spot ETF will be like a “supertanker” when it came to giving investors Bitcoin exposure. 
</div> 
<div class="cointelegraph"> 
 MicroStrategy co-founder Michael Saylor believes his firm will remain an enticing way for investors to gain exposure to Bitcoin (BTC) regardless of any future exchange-traded fund approvals. 
 He has also confirmed his firm's intention to continue adding more Bitcoin to its balance sheet, including with the potential proceeds of a planned $750 million share sale. 
 Speaking to Bloomberg on Aug. 2 on how an <a rel="noopener noreferrer nofollow" title="approved" href="https://thebittimes.com/tag/approved.html">approved</a> spot Bitcoin ETF could impact his firm’s offering, Michael Saylor was confident MicroStrategy would still be able to offer something spot Bitcoin ETFs can 
 <blockquote class="twitter-tweet"> 
 Consider a #Bitcoin Strategy. pic.twitter.com/MJcGxiVHop— Michael Saylor️ (@saylor) August 2, 2023 
 </blockquote> 
 He made similar comments during the Aug. 1 earnings call, saying that MicroStrategy will still be “differentiated as a particular Bitcoin operating strategy” when spot ETFs arrive. 
 Bitcoin is up 145% since the company started its purchasing strategy in August 2020, he said, adding that his firm uses leveraged investments to generate yields that are passed to shareholders. 
 <blockquote>
 “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.” 
 </blockquote> 
 On the other hand, Saylor said spot Bitcoin ETFs would allow large hedge funds and sovereigns to come into the space with billions of dollars. 
 <blockquote>
 “We are a unique instrument, we are the sportscar whereas the spot ETF is going to be the supertanker.” 
 </blockquote> 
 “Spot ETFs will serve another set of customers in a synergistic fashion to grow the entire asset class,” he added at the earnings call. 
 The firm has more than 470 institutional shareholders according to Fintel and a market capitalization of $5.3 billion. 
 Related: MicroStrategy returns to profit and now owns $4.4B worth of Bitcoin 
 On Aug. 2, analysts raised spot Bitcoin ETF approval chances in the United States to 65%. 
 Saylor confirmed the goal is to “accumulate as much Bitcoin as we can,” when asked how much their existing holdings of 152,800 BTC will increase in the quarters to come. 
 He also confirmed that the company intends to sell up to $750 million in class A common stock as per a recent SEC filing, adding that the primary use of proceeds “generally is just to acquire Bitcoin.” 
 Magazine:&nbsp;Deposit risk: What do crypto exchanges really do with your money? 
 <template data-name="subscription_form" data-type="crypto_biz"></template> 
</div>

MicroStrategy to stay on Bitcoin course even if spot ETFs approved: Saylor

TheBitTimes

Autres articles publiés le 3 août 2023

Cardano Community Dispels ‘Ghost Chain’ Myths: Strong Evidence Shuts Down Accusations

Binance faces fraud charges from the US DOJ!

Top 11 High Growth Cryptos to Consider Investing in for August 2023

The Sandbox implements KYC measures for protocol staking

Flow Price Prediction: Will FLOW Price Escape The Consolidation?

ZI Stock Price Prediction: What’s Secret Behind ZoomInfo Fall?

Join our free newsletter for daily crypto updates!