MicroStrategy's co-founder, Michael Saylor, confirmed the firm's intention to persist in accumulating Bitcoin and believes his company remains differentiated regardless of any future exchange-traded fund (ETF) approvals.
Speaking to Bloomberg, Michael Saylor compared MicroStrategy to a "sportscar" and a spot ETF to a "supertanker" when discussing how the two different vehicles can offer investors exposure to Bitcoin. Saylor expressed confidence that his firm offers something unique that spot Bitcoin ETFs cannot provide.
During an August 1 earnings call, Saylor reiterated that MicroStrategy will remain differentiated due to its specific Bitcoin operating strategy, even when spot ETFs enter the market. Bitcoin's value has increased by 145% since the company began its purchasing strategy in August 2020.
According to Saylor, MicroStrategy can tap into leverage as an operating company, which an ETF could not do, thus being beneficial to the entire ecosystem. On the contrary, spot Bitcoin ETFs would enable large hedge funds and sovereign entities to invest billions of dollars into the space.
He also confirmed the company's plan to sell up to $750 million in Class A common stock, as per a recent SEC filing, with the primary use of proceeds being to acquire more Bitcoin.
Analysts have raised the chances of spot Bitcoin ETF approval in the United States to 65%. Despite this, Saylor maintains that MicroStrategy's goal is to "accumulate as much Bitcoin as we can."