Investor Jim Chanos exited his MSTR short and Bitcoin long positions with about 100% profit, following a sharp drop in MSTR’s valuation multiple and a Bitcoin price surge.
Jim Chanos has closed his paired trade of shorting MicroStrategy (MSTR) and going long on Bitcoin, achieving roughly 100% profit. Since November 2024, MSTR’s net asset multiple fell from over 3 to 1.23, while Bitcoin’s price rose 25%. Chanos criticized Michael Saylor’s leveraged Bitcoin acquisition strategy and opted instead to gain exposure by purchasing Bitcoin directly.