Jim Chanos, the veteran investor who made his name Shorting Enron, was the betting on bitcoin (BTC) trading while the shorting strategy (MSTR), the largest corporation holder of the largest cryptocurrency.
In an interview with the Sohn Investment Conference in New York with CNBCChanos detailed the stakes. “We sell microstrategy stocks and buy Bitcoin,” said Chanos, calling it an arbitration transfer: “Usually buying something for $ 1, selling it $ 2.50.”
The approach began to get Bitcoin in 2020 and since morphed with a Bitcoin proxy for investors. The firm has released debt and equity to accumulate cryptocurrency, and now has 568,840 BTC hoards purchased at an average cost of $ 69,287 per coin.
The aggressive accumulation of bitcoin, Na -back by Wall Street analystshas become sensitive to its stock not only in the price of bitcoin, but also in the investor’s appetite for risk. Strategy shares have reached 3,500% in the last five years to trade today at $ 416 a piece, giving it a $ 115 billion market capitalization.
In Chanos, the appreciation of the approach does not make sense as the MSTR shares grew stronger than the price of Bitcoin.
The fund manager argues that this increase reflects the speculation of retail rather than foundations, a theme that he believes is pronounced by other companies trying to replicate the approach to bitcoin accumulation of strategy.
