(Bloomberg) -- MicroStrategy Inc.’s Michael Saylor says investors will continue to view his software firm as a Bitcoin proxy even if regulators approve the first US exchange-traded fund to directly hold the cryptocurrency.  

A spot Bitcoin ETF should help all Bitcoin-related companies by bringing in billions in additional investments from the likes of large hedge funds, Saylor said Wednesday during a Bloomberg Television interview.

“We are that sports car. The spot ETF will be that super tanker,” said Saylor, who is chairman and co-founder of MicroStrategy. “We view it as really beneficial to the entire ecosystem.”

The Tysons Corner, Virginia-based firm is the largest publicly-traded holder of Bitcoin. While a slew of asset managers including BlackRock are seeking approval for an ETF, MicroStrategy offers advantages such as not charging an investment fee, Saylor said. 

MicroStrategy acquired about $361.4 million in Bitcoin during the second quarter, the company’s largest purchase since prices peaked in late 2021. That brought MicroStrategy’s Bitcoin purchases to around $4.53 billion, the company reported Tuesday. As of of July 31, MicroStrategy held 152,800 Bitcoin.

In a filing Tuesday, MicroStrategy said it may raise as much as $750 million via share sales and use the proceeds for general corporate purposes — including Bitcoin purchases.

Saylor began buying Bitcoin in 2020, citing the need to reduce the company’s holdings of cash because of the perceived eroding threat of inflation. The shift came as revenue from the software business stagnated.

Shares of MicroStrategy fell around 7% to $404.81 as of 3:43 p.m. in New York. They’ve almost tripled this year, after tumbling 74% in 2022. The stock soared as high as $1,315 in February 2021.  

©2023 Bloomberg L.P.