Arthur Hayes is positioning for a renewed Bitcoin rally by going long on Strategy and Metaplanet while continuing to build exposure to Zcash, signaling confidence in a broader crypto rebound despite recent volatility.
The BitMEX co-founder and Maelstrom CIO said he is using public equities as leveraged Bitcoin proxies, avoiding direct exposure through perpetual futures or options. Hayes outlined the strategy in a Substack essay published Thursday.
Hayes explained that his positioning is based on valuation ratios comparing each company’s market capitalization to Bitcoin priced in their local currencies. Those ratios, he said, are near the lower end of their two-year ranges after falling sharply from mid-2025 peaks.
“If Bitcoin can retake $110,000, investors will get the itch to go long Bitcoin through these vehicles,” Hayes wrote, adding that embedded leverage could allow the stocks to outperform Bitcoin during an upside move.
Strategy shares rose 3.67% during regular trading before slipping 1.6% after hours. Retail sentiment around the stock remained extremely bullish, with elevated discussion levels.
Bitcoin was trading near $96,400, up 1.5% over the past 24 hours after briefly crossing $97,700 earlier in the session, according to CoinGecko data.
Beyond Bitcoin-linked equities, Hayes said Maelstrom continues to accumulate Zcash, arguing that recent turmoil around the project’s development is not a bearish signal.
The full developer team at Electric Coin Company, Zcash’s core development group, recently departed following internal disputes. Hayes said the exit could ultimately prove constructive, allowing developers to ship more impactful products independently.
“I’m thankful for the opportunity to buy discounted ZEC from weak hands,” Hayes wrote, framing the uncertainty as a buying opportunity rather than a risk.
Zcash rose 4.2% in the last 24 hours after the Zcash Foundation said the U.S. Securities and Exchange Commission concluded its review without recommending enforcement action. Retail sentiment around ZEC cooled to neutral, though trading chatter remained elevated.
Hayes added that his broader thesis depends on expanding dollar liquidity ahead of U.S. midterm elections, noting that he has been rotating out of Ethereum into other decentralized finance projects in recent weeks.
