Bitcoin Skeptic Jim Chanos Shorts Saylor’s Strategy but Buys BTC
By: crypto news|2025/05/15 23:17:05
0
Share
Noted short-seller Jim Chanos, long known for his skepticism toward Bitcoin and crypto markets, has revealed a new trading position that flips his past criticisms on their head.Speaking at the Sohn Investment Conference in New York, Chanos told CNBC he is now shorting shares of Strategy (formerly MicroStrategy) while simultaneously buying Bitcoin directly.Describing the trade as “selling something for $2.50 and buying something for $1,” Chanos believes there is a significant mispricing between Bitcoin and the equity of firms holding it.Chanos: Strategy Stock Overvalued for Just Holding BitcoinHe argues that companies like Strategy are commanding an outsized market premium simply for holding Bitcoin on their balance sheets.“It’s ridiculous,” Chanos said, characterizing his trade as both an arbitrage play and a commentary on what he views as excessive retail speculation.MicroStrategy, now rebranded as Strategy, is led by executive chairman Michael Saylor and is the world’s largest corporate holder of Bitcoin.As of May 2025, it holds approximately 568,840 BTC, worth an estimated $59 billion.Since the company began accumulating Bitcoin in 2020, its stock has surged more than 1,500%, far outperforming the broader market.Chanos believes that exposure to Bitcoin via equities like Strategy is an inefficient and overvalued route for investors. WATCH: Billionaire Jim Chanos says he's long on #Bitcoin $BTC but short on #MicroStrategy $MSTR, calling it “too leveraged.” pic.twitter.com/NNRSZU2V2N— Roundtable Network (@RTB_io) May 15, 2025He argues that retail investors are paying a premium for indirect Bitcoin exposure through public companies, which inflates valuations beyond rational levels.His position contrasts sharply with Strategy analysts, including Jeff Walton, who recently said in a Financial Times documentary that the firm could become “the number one publicly traded equity in the entire market” due to its BTC holdings.Chanos has long been critical of Bitcoin and the crypto sector. In 2018, he dismissed Bitcoin as a “libertarian fantasy,” arguing that in a financial collapse, digital assets would have little practical value.“If the world goes down, I’d rather have food than Bitcoin,” he once quipped. He also criticized the industry for facilitating illicit financial activity, calling crypto “the dark side of finance” in a 2023 interview.Chanos Prefers Direct Bitcoin OwnershipDespite his past criticisms, Chanos now sees direct Bitcoin ownership as a better value than owning crypto-heavy stocks.He also recently criticized the rise of spot Bitcoin ETFs, suggesting that Wall Street’s interest is driven more by fee generation than by belief in the asset.Chanos is best known for his legendary short of Enron before its collapse in 2001, which brought massive gains to his firm, Kynikos Associates.However, not all his bets have been winners. His infamous short of Tesla cost him heavily as the stock soared over 2,000%, leading to his fund’s eventual conversion into a family office.As reported, Jeff Walton, an analyst at Strategy, has said the firm may one day rise to become the top publicly traded company in the world.Walton believes the company’s unprecedented exposure to Bitcoin, which recently crossed $104,000, gives it a unique edge.“Strategy holds more of the best asset and most pristine collateral on the planet than any other company, by multiples,” he said.The post Bitcoin Skeptic Jim Chanos Shorts Saylor’s Strategy but Buys BTC appeared first on Cryptonews.
You may also like

Particle Founder: The entrepreneurial insights I have gained the most from in the past year
Stop lean startup, stop lightning entrepreneurship, and think carefully about what your product aspirations are.

Huang Renxun's latest podcast transcript: The future of Nvidia, the development of embodied intelligence and agents, the explosion of inference demand, and the public relations crisis of artificial intelligence
The competition in the future is not just about whose model is larger or whose computing power is stronger, but also about who understands the industry better, who can embed AI more deeply into real processes, and who can organize these capabilities into a runnable and scalable system.

OKX Ventures Research Report: AI Agent Economic Infrastructure Research Report (Part 1)
The existing infrastructure is hostile to the Agent economy. Agents can think and act independently at the "capability level," but at the "economic level," they are still locked into infrastructure designed for humans.

The migration of settlement rights: B18 and the institutional starting point of on-chain banks
In the traditional system, banks decide the settlement; in the on-chain system, code begins to take over this responsibility.

From Tencent and Circle: Looking at the Simple and Difficult Questions of Investment
The AI narrative continues to ferment, but the recent performance of related stocks varies, with some in the midst of summer and others as if in winter.

The second half of stablecoins no longer belongs to the crypto circle
What Coinbase doesn't want, Mastercard is eager to buy.

Cursor "Shell" Kimi Controversy Reversed: From Copyright Infringement Allegations to Authorized Collaboration, China's Open Source Model Once Again Becomes a Global AI Foundation
Cursor was accused of being based on Kimi K2.5, which sparked controversy, and was later confirmed to be compliant through Fireworks AI due diligence.

The Real Reason Tokens Don't Sell: 90% of Crypto Projects Overlook Investor Relations
Provide an Investor Relations Best Practices Guide for Crypto Projects.

Is the income of pump.fun real, earning a million dollars a day despite the market downturn?
If it can really earn this much, what is the reason for the low price of $PUMP?

The real reason why tokens are not selling: 90% of crypto projects neglect investor relations
Investor Relations Practice Guide for Cryptocurrency Projects.

Who is the true winner of the "Tokenization" narrative?
Virtually everyone benefits, but the reason for the benefit, the timing, and the underlying logic are completely different.

Moss: The Era of AI-Traded by Anyone | Project Introduction
AI Trading Agent is rapidly growing its infrastructure.

Chip Smuggling Case Exposes Regulatory Loophole | Rewire News Evening Update
AI chips have become a strategic asset more sensitive than missiles

How a Structured AI Crypto Trading Bot Won at the WEEX Hackathon
Ritmex demonstrates how disciplined risk control and structured signals can make an AI crypto trading bot more stable and reliable on WEEX, highlighting the importance of combining execution discipline with scalable AI trading systems.

Old Indicator Fails, Three Major New Signals Emerge: BTC True Bottom May Still Be Below $60K
When the grocery shopping auntie on the subway, or Tony the hairdresser, start asking you about BTC, crypto, and cryptocurrency investments, selling immediately will be the only best option.

Meeting OpenClaw Founder at a Hackathon: What Else Can Lobsters Do?
Imperial College London MetaGame: AI Agent × Web3 Landing Three Major Directions.

Huang Renxun's Latest Podcast Transcript: NVIDIA's Future, Embodied Intelligence and Agent Development, Soaring Demand for Inferencing, and AI's PR Crisis
The future of competition is not only about whose model is bigger, whose computing power is stronger, but also about who understands the industry better, who can more deeply integrate AI into real processes, and who can organize these capabilities into a set of executable, scalable systems
How a Structured AI Crypto Trading Bot Won at the WEEX Hackathon
Crypto_Trade shows how structured inputs and controlled adaptability can build a more stable and reliable AI crypto trading bot within the WEEX AI Trading Hackathon, highlighting a practical path toward scalable AI trading systems.
Particle Founder: The entrepreneurial insights I have gained the most from in the past year
Stop lean startup, stop lightning entrepreneurship, and think carefully about what your product aspirations are.
Huang Renxun's latest podcast transcript: The future of Nvidia, the development of embodied intelligence and agents, the explosion of inference demand, and the public relations crisis of artificial intelligence
The competition in the future is not just about whose model is larger or whose computing power is stronger, but also about who understands the industry better, who can embed AI more deeply into real processes, and who can organize these capabilities into a runnable and scalable system.
OKX Ventures Research Report: AI Agent Economic Infrastructure Research Report (Part 1)
The existing infrastructure is hostile to the Agent economy. Agents can think and act independently at the "capability level," but at the "economic level," they are still locked into infrastructure designed for humans.
The migration of settlement rights: B18 and the institutional starting point of on-chain banks
In the traditional system, banks decide the settlement; in the on-chain system, code begins to take over this responsibility.
From Tencent and Circle: Looking at the Simple and Difficult Questions of Investment
The AI narrative continues to ferment, but the recent performance of related stocks varies, with some in the midst of summer and others as if in winter.
The second half of stablecoins no longer belongs to the crypto circle
What Coinbase doesn't want, Mastercard is eager to buy.