Wu Blockchain (@WuBlockchain): Arthur Hayes: Strategy's Business Model May Be Losing Its Relevance

Arthur Hayes: Strategy's Business Model May Be Losing Its Relevance On August 22, 2026, BitMEX co-founder Arthur Hayes @CryptoHayes said in an interview that the slowdown in Bitcoin’s price growth had caused its second derivative to turn negative, leading Strategy’s financial engineering model to collapse. Founder Michael Saylor now faces a difficult choice: issue more shares, sell BTC, or stop paying dividends. Hayes argued that MSTR has lost its influence and no longer has a justification for trading at a premium. For investors seeking Bitcoin exposure through the stock market, he believes directly buying a Bitcoin ETF such as IBIT is the more rational choice, rather than investing in MSTR, which depends heavily on absolute control of a single individual. Once the premium disappears, the entire strategy will cease to work.