{"id":31258,"date":"2025-06-11T07:46:44","date_gmt":"2025-06-11T07:46:44","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=31258"},"modified":"2025-06-11T07:46:44","modified_gmt":"2025-06-11T07:46:44","slug":"michael-saylor-says-jim-chanos-doesnt-understand-strategys-model-criticizes-long-bitcoin-short-mstr-trade-short-seller-hits-back-with-financial-gibberish-remark","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=31258","title":{"rendered":"Michael Saylor Says Jim Chanos Doesn’t Understand Strategy’s Model, Criticizes Long Bitcoin, Short MSTR Trade\u2014Short Seller Hits Back With ‘Financial Gibberish’ Remark"},"content":{"rendered":"
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Veteran short seller Jim Chanos <\/strong>on Tuesday blasted the financial instruments employed by Michael Saylor\u2019s<\/strong> company, Strategy Inc. <\/strong>(NASDAQ:MSTR<\/a>), to sustain its Bitcoin <\/strong>(CRYPTO: BTC<\/a>) play.<\/p>\n

What happened:<\/strong> 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.<\/p>\n

“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.<\/p>\n

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This is of course, complete financial gibberish. Mr. Saylor wants you to value his business based not only on the net value of his Bitcoin holdings (NAV) at market, but additionally with a multiple on the change in that NAV! Because now he can leverage his balance sheet, lol. https:\/\/t.co\/DOiEe4aJXn<\/a><\/p>\n

\u2014 James Chanos (@RealJimChanos) June 10, 2025<\/a><\/p>\n<\/blockquote>\n