James Chanos Sees an $80 Billion Gap Between Strategy and Bitcoin
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Investor James Chanos noted that there is an approximate $80 billion price difference between the business intelligence and software company Strategy and its Bitcoin holdings. Strategy holds 847,363 BTC, and as of August 18, the price of Bitcoin is around $64,000. This brings the total value of the company's Bitcoin assets to about $54 billion. However, Chanos emphasized that the shares of Strategy do not have the same economic structure as its Bitcoin assets. Investors buying company shares are indirectly exposed not only to Bitcoin but also to Strategy's debt and other financial elements. Chanos had previously argued that Strategy shares were trading at an excessive premium compared to Bitcoin's value. Chanos, who began establishing this position towards the end of 2024, executed his first short sales in October and November 2024. By November 2025, the mNAV ratio had dropped to 1.23 times, and Chanos closed the hedging transaction between Strategy and Bitcoin on November 7, 2025. Strategy, formerly known as MicroStrategy, is a software company, and the relationship between its Bitcoin assets and market value is closely monitored by investors and participants in the crypto market.
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