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The co-founder of BitMEX was blunt in stating that he would not trade MicroStrategy's shares.
Hayes believes there are more optimal ways to operate with bitcoin in the medium and long term.
The co-founder of BitMEX and CEO of Maelstrom, Arthur Hayes, recently criticized MicroStrategy's strategy of acquiring bitcoin through debt, warning that the company will face difficulties if the price of the cryptocurrency begins to fall. Hayes expressed his criticisms in an interview with Benzinga.
MicroStrategy issues convertible debt and other fixed-income securities to raise funds, which it then uses to buy BTC. Hayes questions the viability of this approach, as it relies on a continuous increase in the value of bitcoin. If the price drops, the company could have trouble meeting its financial obligations.
Hayes commented: "The reason these financial instruments are attractive is because both the shares and the bitcoin they buy are volatile." It is worth noting that since Donald Trump's victory, bitcoin has seen an increase of nearly 50% in the last three months.
In recent hours, Michael Saylor, CEO of MicroStrategy, took to social media X to state that the company acquired 2,530 BTC for approximately USD 243 million at a price of approximately USD 95,972 per BTC, achieving a return of 0.32% so far in 2025. On January 6, the company acquired about 1,070 bitcoins for USD 101 million.