Hayes: Spot Bitcoin ETFs Outshine Strategy Stock for Institutional Investors

Arthur Hayes, co-founder of BitMEX, has weighed in on the debate over the best way to gain Bitcoin exposure through traditional markets. In an interview with crypto journalist Laura Shin, Hayes argued that spot Bitcoin exchange-traded funds (ETFs) are a more practical choice than Strategy stock.

Hayes acknowledged that Strategy's stock made sense at a time when the market feared Bitcoin could fall to $20,000. However, he stated that in an easing economic environment with expanding liquidity provision, the company's unique risk-adjusted opportunity is less relevant.

The BitMEX co-founder emphasized that spot ETFs like BlackRock's IBIT offer direct, low-cost exposure without the corporate structure and premium dynamics of a leveraged Bitcoin treasury company. Hayes also expressed skepticism about institutional demand flowing through Strategy, noting that the structure does not work unless the shares trade at a premium to modified net asset value (mNAV).

Hayes' comments add to a growing chorus of analysts who question whether the premium model is sustainable in a maturing market.