Arthur Hayes Bets On MSTR, Metaplanet And Zcash As Bitcoin Liquidity Turns
Arthur Hayes is positioning for a 2026 liquidity rebound, arguing that Bitcoin’s weak 2025 wasn’t a referendum on “crypto narratives” a lot as a simple dollar-credit story. In his newest essay, “Frowny Cloud,” the Maelstrom CIO says he’s including danger by way of Strategy (MSTR), Japan’s Metaplanet, and Zcash (ZEC) as he expects US greenback liquidity to inflect greater after a yr through which Bitcoin lagged each gold and US tech shares.
Hayes frames 2025 as an ungainly yr for the usual cross-asset shorthand that treats Bitcoin as both digital gold or a high-beta proxy for US tech. In his telling, Bitcoin behaved “as anticipated” underneath tightening situations, whereas gold and the Nasdaq 100 rose for various causes regardless of falling greenback liquidity.
He argues gold’s bid is being pushed by sovereign stability sheets relatively than retail mania, rooted in mistrust of US Treasury publicity after prior asset-freeze precedents. “If the US president steals your cash, it’s an on the spot zero. Does it then matter what value you purchase gold at?” he writes, casting central banks as price-insensitive patrons.
On equities, Hayes leans into an industrial-policy interpretation of the AI commerce. His declare is that the US and China have successfully handled “successful AI” as strategic, dulling the same old market self-discipline and serving to clarify why the Nasdaq decoupled from his dollar-liquidity index in 2025. That divergence issues as a result of it units up his core takeaway for 2026: Bitcoin wants increasing greenback liquidity to regain momentum.
“Bitcoin and the Nasdaq rise when greenback liquidity expands. The solely downside is the current divergence,” Hayes writes, earlier than returning to the “vicissitudes of greenback liquidity” as the first driver he needs to trace.
The Three-Pillar Liquidity Pitch
Hayes’ 2026 outlook hinges on a pointy rebound in greenback credit score creation. He cites three channels: a rising Fed stability sheet by way of Reserve Management Purchases (RMP), commercial-bank lending into “strategic industries,” and decrease mortgage charges catalyzed by policy-driven demand for mortgage-backed securities.
In his account, quantitative tightening pale as a dominant headwind in late 2025, with QT ending in December and RMP starting as a brand new, regular purchaser. He claims RMP “at a minimal” expands the stability sheet by $40 billion per 30 days, and expects that tempo to rise as authorities funding wants improve.
The second leg is financial institution credit score creation, which he says accelerated in 4Q25, with giant lenders prepared to increase loans the place authorities fairness stakes or offtake agreements scale back default danger. The third is housing: Hayes factors to Trump-backed directives for Fannie Mae and Freddie Mac to deploy $200 billion towards MBS purchases, arguing that decrease mortgage charges may unlock a well-recognized wealth impact and, by extension, extra credit score.
He ties the items along with a easy conclusion: if liquidity turns, Bitcoin ought to comply with. “Bitcoin … and greenback liquidity bottomed across the identical time,” he writes, arguing that the following main leg relies upon much less on sentiment than on renewed credit score growth.
MSTR, Metaplanet, And ZCash
Hayes describes himself as a “degen speculator” and says Maelstrom is already “practically totally invested,” however he nonetheless needs “MOAR danger” to seize upside convexity if Bitcoin reclaims higher levels. Rather than utilizing perpetuals or choices, he says he’s lengthy Strategy and Metaplanet for levered publicity by way of company stability sheets.
His timing argument is valuation-relative: he compares every firm’s “DAT” to Bitcoin priced within the related forex (yen for Metaplanet, {dollars} for Strategy) and says these ratios sit close to the low finish of the previous two years, after being “down considerably” from mid-2025 peaks. He provides a key situation: “If Bitcoin can retake $110,000, buyers will get the itch to go lengthy Bitcoin by means of these automobiles. Given the leverage embedded within the capital construction of those companies, they’ll outperform Bitcoin on the upside.”
He additionally flags continued accumulation of Zcash. Hayes argues the departure of builders at Electric Coin Company (ECC) isn’t bearish: “We proceed so as to add to our Zcash place. The departure of the devs at ECC isn’t bearish. I firmly consider they’ll ship higher, extra impactful merchandise inside their very own for-profit entity. I’m grateful for the chance to purchase discounted ZEC from weak palms.”
At press time, MSTR traded at $179.33.
