{"id":179479,"date":"2023-08-03T11:39:36","date_gmt":"2023-08-03T11:39:36","guid":{"rendered":"https:\/\/precoinnews.com\/?p=179479"},"modified":"2023-08-03T11:39:36","modified_gmt":"2023-08-03T11:39:36","slug":"microstrategys-michael-saylor-says-spot-etf-approvals-have-no-bearing-on-bitcoin-strategy","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/microstrategys-michael-saylor-says-spot-etf-approvals-have-no-bearing-on-bitcoin-strategy\/","title":{"rendered":"MicroStrategy\u2019s Michael Saylor Says Spot ETF Approvals Have No Bearing On Bitcoin Strategy"},"content":{"rendered":"

MicroStrategy co-founder and former CEO Michael Saylor has stated that potential Spot Bitcoin ETF approvals will not influence the company\u2019s \u201cBitcoin Strategy.\u201d<\/span><\/p>\n

MicroStrategy Has A Unique Bitcoin Offering<\/h2>\n

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\u2019s offerings. According to him, MicroStrategy\u2019s Bitcoin offering offers a unique proposition that the spot Bitcoin ETFs cannot emulate.\u00a0<\/span><\/p>\n

Saylor echoed similar sentiments during the earnings call on August 1 when he stated that MicroStrategy’s unique \u201cBitcoin operating strategy” will make it stand out even when spot Bitcoin ETFs arrive.\u00a0<\/span><\/p>\n

The ex-CEO explained that, <\/span>\u201cWe can tap into leverage because we\u2019re an operating company, which an ETF couldn’t do so we view it as being beneficial to the entire ecosystem.\u201d<\/span><\/p>\n

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.<\/span><\/p>\n

Differentiating his company\u2019s offering from spot ETFs, he stated:<\/span><\/p>\n

\n

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.<\/span><\/p>\n<\/blockquote>\n

MicroStrategy had filed an <\/span>application<\/span> 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 \u201cacquire Bitcoin.\u201d\u00a0<\/span><\/p>\n

<\/p>\n

BTC price remains volatile amid Spot ETF expectations | Source: BTCUSD on Tradingview.com\u00a0<\/p>\n

MicroStrategy\u2019s Chief Financial Officer, Andrew Kang, had also confirmed that the proceeds from the proposed sale will be used for \u201cthe purchase of Bitcoin as well as the repurchase or repayment of outstanding debt.\u201d<\/span><\/p>\n

Saylor\u2019s Faith In Bitcoin Paying Off<\/h2>\n

Saylor\u2019s 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\u2019s purchases largely resulted from Saylor\u2019s faith in the token as he continued to advocate for it despite the recent market conditions in the crypto market.<\/span><\/p>\n

Saylor stepped down as the CEO a year ago just to focus on the company\u2019s 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\u2019s adoption of Bitcoin.\u00a0<\/span><\/p>\n

As revealed by Saylor in a <\/span>tweet<\/span>, MicroStrategy\u2019s 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.\u00a0<\/span><\/p>\n

Saylor is not relenting as he confirmed that the goal is to \u201caccumulate as much Bitcoin as we can\u201d when quizzed about how much more Bitcoin the company intends to add to their existing holdings of 152,800 BTC.<\/span><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

MicroStrategy co-founder and former CEO Michael Saylor<\/p>\n","protected":false},"author":3,"featured_media":179478,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nMicroStrategy\u2019s Michael Saylor Says Spot ETF Approvals Have No Bearing On Bitcoin Strategy - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/microstrategys-michael-saylor-says-spot-etf-approvals-have-no-bearing-on-bitcoin-strategy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MicroStrategy\u2019s Michael Saylor Says Spot ETF Approvals Have No Bearing On Bitcoin Strategy - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"MicroStrategy co-founder and former CEO Michael Saylor\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/microstrategys-michael-saylor-says-spot-etf-approvals-have-no-bearing-on-bitcoin-strategy\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-03T11:39:36+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/08\/MicroStrategys-Michael-Saylor-Says-Spot-ETF-Approvals-Have-No-Bearing-On-Bitcoin-Strategy.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/microstrategys-michael-saylor-says-spot-etf-approvals-have-no-bearing-on-bitcoin-strategy\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/microstrategys-michael-saylor-says-spot-etf-approvals-have-no-bearing-on-bitcoin-strategy\/\",\"name\":\"MicroStrategy\u2019s Michael Saylor Says Spot ETF Approvals Have No Bearing On Bitcoin Strategy - 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