Veteran investor Jim Chanos has revealed that he is simultaneously betting on bitcoin ( BTC) against the stock of Strategy. The former hedge fund magnate said he has taken this approach because he sees Strategy’s approach as a risky proposition fueled by enthusiastic retail investors.

Speaking on CNBC, Chanos, known for his successful short-selling track record, revealed his firm is “selling MicroStrategy stock and buying bitcoin.” The goal is to capitalize on what he perceives as an inflated valuation of the company relative to its substantial bitcoin holdings. Chanos’ remarks came just days after Strategy made another significant purchase, which brought its holdings to 568,840 BTC.

Under the leadership of its co-founder and former CEO Michael Saylor, Strategy is increasingly seen as a proxy for bitcoin exposure in the stock market. While the company’s holdings are largely financed through debt, the strategy has resonated with many retail investors, driving Strategy’s share price up by an astounding 220% over the past year. For context, BTC grew by 70% during the same period.

However, Chanos argues that this premium is unsustainable and indicative of speculative fervor. He pointed to the emergence of “copycat companies” attempting to emulate Strategy’s strategy, raising capital by appealing to retail investors with the promise of indirect bitcoin exposure within a corporate structure. Chanos dismissed this line of thinking as “ridiculous.”

The former hedge fund magnate’s sentiments echo those of Peter Schiff, an economist and bitcoin critic who has steadfastly attacked Strategy and the media, which he accuses of propping up the company’s stock. In his latest salvo, Schiff told his followers to buy bitcoin directly instead of doing it via acquiring the stock of Strategy.

“The only thing more ridiculous than buying bitcoin is buying shares of a bitcoin ‘treasury’ company whose sole business purpose is to acquire bitcoin. If you want to buy bitcoin, then buy bitcoin. If you want to invest in the stock market, buy a company with an actual business,” he asserted.

Schiff’s assessment aligns with Chanos’s core argument that Strategy’s value proposition as a bitcoin proxy is flawed. Both investors suggest that individuals seeking exposure to bitcoin should simply purchase the cryptocurrency directly, rather than paying a premium for a company whose primary asset is the digital currency itself.

“We’re doing exactly what MicroStrategy and Michael Saylor are doing,” Chanos asserted, highlighting the sharp disparity between the company’s market capitalization and the underlying value of its bitcoin holdings. “We’re selling MicroStrategy stock and buying bitcoin and basically buying something for $1 selling it for two and a half dollars.”

The alignment of views between a seasoned short-seller like Chanos and a vocal bitcoin critic like Schiff further amplifies the scrutiny surrounding Strategy’s unconventional approach. Despite Strategy’s confidence in its bitcoin strategy to generate significant value, an increasing number of established investors are expressing skepticism.

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