Overview
- Jim Chanos confirmed on X that he exited his hedged MSTR/long-bitcoin position as of yesterday’s open, ending an 11‑month trade.
- He cited MicroStrategy’s market‑to‑net‑asset‑value compressing to roughly 1.23–1.25x from about 2.0–2.5x in mid‑2025, with the stock down around 50% from its peak this year.
- Analysts including Pierre Rochard say the closeout may indicate the bitcoin‑treasury equity downturn is easing, though they caution that volatility is likely to continue.
- Valuation premiums across the sector have narrowed since July as weekly digital‑asset treasury inflows fell from billions to tens of millions, per DeFiLlama data.
- MicroStrategy remains the largest public bitcoin holder at 641,205 BTC and recently lifted a euro note offering to €620 million for further purchases, while MSTR traded about 3% higher pre‑market near $248.