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 

bitcoin

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Zepasta

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. 
