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BTC The legendary investor Jim Chanos recently shared his latest thoughts on Bitcoin (BTC), drawing attention from the market. Chanos pointed out that although Bitcoin has performed exceptionally well over the past few years, he remains cautious about its volatility. He also acknowledged that digital assets are attracting more and more institutional investors. Data shows that with the introduction of Bitcoin ETFs and spot funds, institutional holdings are increasing steadily, indicating that Bitcoin is moving from a speculative asset to a mainstream financial instrument. Chanos’ views remind investors that while appreciating the potential of Bitcoin, risk management cannot be ignored.
The renowned investor and contrarian Jim Chanos stated in his latest statement that he isn’t opposed to Bitcoin, but the stock price of MicroStrategy (MSTR) is still higher than its actual value.
“I have no idea what the price of Bitcoin will do; I don’t know its value or how it will evolve. However, we hold Bitcoin, while shorting MicroStrategy shares. It’s a kind of arbitrage strategy,” said Chanos in an interview.
This prominent investor argued that it’s unreasonable for companies that hold Bitcoin bonds to have stock prices that are priced above the value of their Bitcoin holdings.
“It’s unreasonable for investors to pay a premium just because they hold Bitcoin. MicroStrategy is a prime example of this. But we believe that investors who want to buy Bitcoin should do so at $1 per unit, not at $1.40.”
Chanos also pointed out that MicroStrategy’s premium-to-NAV ratio has dropped from 1.9 to 1.4. Other companies with similar structures have seen their ratios fall below 1.0:
“MicroStrategy’s ratio remains at 1.4, but over time, the gap will narrow. Other similar companies have been completely eliminated.”
When asked whether they had sold any of their positions, Chanos said that they hadn’t done so yet, but “we retain the right to change our minds at any time.”
Finally, Chanos stated that as long as MicroStrategy continues to borrow and purchase Bitcoin, they will follow the same strategy.
