Jim Chanos, the veteran investor who made his name shorting Enron, is betting on bitcoin (BTC) trade while shorting Strategy (MSTR), the largest corporate holder of the biggest cryptocurrency.

In an interview at the Sohn Investment Conference in New York with CNBC, Chanos detailed the bet. “We’re selling MicroStrategy stock and buying bitcoin,” Chanos said, calling it an arbitrage move: “Basically buying something for $1, selling it for $2.50.”

Strategy started acquiring bitcoin in 2020 and has since morphed into a bitcoin proxy for investors. The firm has issued debt and equity to accumulate the cryptocurrency, and now has a 568,840 BTC hoard bought at an average cost of $69,287 per coin.

The aggressive bitcoin accumulation, backed by Wall Street analysts, has made its stock sensitive not just to bitcoin’s price, but also to investor appetite for risk. Strategy’s shares are up 3,500% in the last five years to now trade at $416 a piece, giving it a $115 billion market capitalization.

To Chanos, Strategy’s valuation doesn’t make sense as MSTR shares have surged more than the price of bitcoin.

The fund manager argues that this rise reflects retail speculation more than fundamentals, a theme he believes is echoed by other firms now trying to replicate Strategy’s bitcoin accumulation strategy.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。