Jim Chanos Goes Long Bitcoin, Short MicroStrategy In Arbitrage Bet Against Retail Speculation
Posted On May 16, 2025
Veteran short seller Jim Chanos on Thursday revealed a strategic arbitrage trade: long Bitcoin (CRYPTO: BTC), short Strategy (NASDAQ:MSTR).
His position targets what he described as a widening and unjustified premium on MicroStrategy’s stock relative to its Bitcoin holdings.
“We’re buying Bitcoin, selling MicroStrategy stock—an arbitrage play, buying for $1, selling for $2.50,” Chanos said during the talk.
He emphasized that the core trade isn’t based on predicting Bitcoin’s price direction but exploiting the spread between MicroStrategy’s net asset value (NAV) and its trading price.
“I don’t know where Bitcoin is going.. $100,000, a million, …
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