This is exactly my thesis for MSTR. The market dilution effect from the ETF approval is likely to be offset by the capital flowing into Bitcoin, the asset class 

I’m in the same situation. I think it’s likely that the flow of new money into new ETFs would have a positive effect on btc and therefore MSTR, and outweigh any realignment from investors away from MSTR like you say.

There are definitely risks to holding MSTR as a Bitcoin proxy, but even if I could access an ETF I think I’d still own it. 


343pg

bitcoin

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Zepasta

Interestingly, the price of MSTR went up too. Some people say an ETF approval may be bad for MSTR, because shareholders would move to the ETF. Today's 'test' showed that's not necessarily the case.
For me it's relevant, because I have some funds in a pension I can't withdraw until a certain age to buy real BTC, but I can buy MSTR within it (and where I live, the ETF won't be available to me anyway).