Arthur Hayes: Spot Bitcoin ETFs Beat Strategy Stock for Bitcoin Exposure

BitcoinWorld

Arthur Hayes: Spot Bitcoin ETFs Beat Strategy Stock for Bitcoin Exposure

BitMEX co-founder Arthur Hayes has weighed in on the ongoing debate over the best way to gain Bitcoin exposure through traditional markets, suggesting that spot Bitcoin exchange-traded funds (ETFs) are a more practical choice than Strategy (formerly MicroStrategy) stock. In an interview with crypto journalist Laura Shin, Hayes said investors seeking Bitcoin exposure via the stock market would be better off buying a spot ETF such as BlackRock’s IBIT, rather than purchasing shares of Strategy.

Hayes: Strategy’s Premium Model Is Less Relevant Now

Hayes acknowledged that Strategy’s stock made sense at a time when the market feared Bitcoin could fall to $20,000. During that period, the company’s ability to accumulate Bitcoin and trade at a premium to its net asset value provided a unique risk-adjusted opportunity. However, he argued that in an easing economic environment with expanding liquidity provision, the company matters less. As central banks signal more accommodative monetary policies, the urgency to hedge against extreme downside scenarios has diminished.

“If investors want to use the stock market for BTC reinvestment, they can buy IBIT or other ETFs,” Hayes said, adding that there is no reason to buy Strategy. His comments reflect a broader shift in how institutional investors may access Bitcoin, as spot ETFs offer direct, low-cost exposure without the corporate structure and premium dynamics of a leveraged Bitcoin treasury company.