Arthur Hayes Goes Long On Strategy, Metaplanet Betting On Bitcoin Rebound – Continues To Add To Zcash Stack

Maelstrom’s chief investment officer said the two equities offer a way to gain leveraged exposure to Bitcoin without using perpetual futures or options.

• Hayes said his positioning is based on valuation metrics that compare each company’s market capitalization to the price of Bitcoin in their respective currencies.
• “If Bitcoin can retake $110,000, investors will get the itch to go long Bitcoin through these vehicles,” Hayes wrote. 
• He also stated that the recent turmoil surrounding the Zcash should not be viewed as a negative catalyst as he continues to add to his ZEC stockpile.

Arthur Hayes, co-founder of crypto exchange BitMEX and chief investment officer at Maelstrom, said he is positioning for a renewed Bitcoin (BTC) rally by taking long positions in Michael Saylor-backed Strategy (MSTR) and Japanese Bitcoin holder Metaplanet, while continuing to build exposure to privacy token Zcash (ZEC).

In a Substack essay published Thursday, Hayes said the two equities offer a way to gain leveraged exposure to Bitcoin without using perpetual futures or options.

“Therefore, I put on long Strategy (MSTR US) and Metaplanet (3350 JT) positions to get levered exposure to Bitcoin without trading a perp or options derivative,” he wrote.

MSTR’s stock fell as much as 1.6% in after-hours trade after an uptick of 3.67% in regular trading. Retail sentiment around the Bitcoin proxy remained in ‘extremely bullish’ territory, accompanied by ‘high’ levels of chatter.

Hayes Targets Bitcoin Leverage Through Public Equities

Hayes said his positioning is based on valuation metrics that compare each company’s market capitalization to the price of Bitcoin in their respective currencies. He divided Strategy’s valuation by Bitcoin priced in U.S. dollars and Metaplanet’s valuation by Bitcoin priced in yen.

Both ratios, he noted, are currently near the low end of their ranges over the past two years and have fallen sharply from their peaks in mid-2025.

“If Bitcoin can retake $110,000, investors will get the itch to go long Bitcoin through these vehicles,” Hayes wrote. He added that the leverage embedded in the capital structures of both companies could allow them to outperform Bitcoin during an upside move.

Bitcoin’s price was trading at around $96,400, up 1.5% in the last 24 hours, paring gains after crossing $97,700 earlier in the day, according to CoinGecko data. Retail sentiment on Stocktwits around the apex cryptocurrency remained in ‘bullish’ territory with chatter increasing to ‘high’ from ‘normal’ over the past day.

Zcash Accumulation Continues After Developer Exit

Hayes also stated that Maelstrom continues to add to its position in Zcash, arguing that recent turmoil surrounding the project’s development should not be viewed as a negative catalyst.

The full developer team at the Electric Coin Company (ECC), Zcash’s core development organization, recently departed following internal disputes. Hayes said the exit could ultimately be constructive. “The departure of the devs at ECC is not bearish,” he wrote. “I firmly believe they will ship better, more impactful products within their own for-profit entity.”

Hayes added that the uncertainty has created an opportunity to accumulate ZEC at discounted prices. “I’m thankful for the opportunity to buy discounted ZEC from weak hands,” he said.

ZEC’s price jumped 4.2% in the last 24 hours after the foundation behind the token announced that the Securities and Exchange Commission (SEC) has concluded its review and does not intend to recommend any enforcement action against the entity.

However, retail sentiment around ZEC on Stocktwits dipped to ‘neutral’ from ‘bullish’ over the past day while chatter remained at ‘high’ levels.

Hayes reiterated that his thesis and positioning depends on the dollar liquidity expanding in the run up to the mid-term elections later this year. Over the past few weeks, he has been rotating out of Ethereum (ETH) into other decentralized finance (DeFi) projects. 

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