Michael Saylor Says Jim Chanos Doesn’t Understand Strategy’s Model, Criticizes Long Bitcoin, Short MSTR Trade—Short Seller Hits Back With ‘Financial Gibberish’ Remark
Posted On June 11, 2025
Veteran short seller Jim Chanos on Tuesday blasted the financial instruments employed by Michael Saylor’s company, Strategy Inc. (NASDAQ:MSTR), to sustain its Bitcoin (CRYPTO: BTC) play.
What happened: In an X post, Chanos argued that Saylor wants investors to value Strategy not only based on the net asset value of its Bitcoin holdings at market prices, i.e., NAV, but also to apply a multiple to the change in that NAV.
“It’s like claiming that your house, which increased in market value last year from $450,000 to $500,000, is actually worth $1.5 million, because you also have to put a 20x multiple on the $50,000 increase,” Chanos said.
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