Story perspectives

Jim Chanos Exits Short as Strategy Inc. Boosts Bitcoin

11/10/2025

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Summary

Story summary

Jim Chanos exited his short against Strategy Inc., formerly MicroStrategy, as the valuation gap with its Bitcoin holdings narrowed.
The market-implied net asset value (mNAV) fell from over 2.5 to about 1.23, signaling a drop in the premium.
Strategy Inc. continues buying Bitcoin, recently spending $49.9 million.
Strategy Inc. is raising capital via a European-focused preferred-share sale.
Strategy Inc.'s shares are down about 18% this year, while Bitcoin is up about 12%.

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Story summary

Jim Chanos exited his short against Strategy Inc., formerly MicroStrategy, as the valuation gap with its Bitcoin holdings narrowed.
The market-implied net asset value (mNAV) fell from over 2.5 to about 1.23, signaling a drop in the premium.
Strategy Inc. continues buying Bitcoin, recently spending $49.9 million.
Strategy Inc. is raising capital via a European-focused preferred-share sale.
Strategy Inc.'s shares are down about 18% this year, while Bitcoin is up about 12%.