Legendary Short Seller Jim Chanos Just Closed His MSTR Trade—And Here's Why That Matters

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Veteran short seller Jim Chanos disclosed on Nov. 8 that his firm exited its hedged trade on Strategy (NASDAQ:MSTR), unwinding a position that had been closely watched by cryptocurrency and equity ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLegendary Short Seller Jim Chanos Just Closed His MSTR Trade—And Here's Why That Matters\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-27 01:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/personal-finance/management/25/11/49089482/legendary-short-seller-jim-chanos-just-closed-his-mstr-trade-and-heres-why-that-matters><strong>Benzinga_recent_news</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Veteran short seller Jim Chanos disclosed on Nov. 8 that his firm exited its hedged trade on Strategy (NASDAQ:MSTR), unwinding a position that had been closely watched by cryptocurrency and equity ...</p>\n\n<a href=\"https://www.benzinga.com/personal-finance/management/25/11/49089482/legendary-short-seller-jim-chanos-just-closed-his-mstr-trade-and-heres-why-that-matters\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"03439","symbol_name":"嘉实比特币","start_time":0,"source_url":"https://www.benzinga.com/personal-finance/management/25/11/49089482/legendary-short-seller-jim-chanos-just-closed-his-mstr-trade-and-heres-why-that-matters","article_id":"2586526903","we_media_id":null,"thumbnails":["https://cdn.benzinga.com/files/images/story/2025/11/26/MSTR-Mirrors-Bitcoin-Decline.jpeg?optimize=medium&dpr=2&auto=webp&width=240"],"rights":{"source":"benzinga_recent_news","url":"https://www.benzinga.com/personal-finance/management/25/11/49089482/legendary-short-seller-jim-chanos-just-closed-his-mstr-trade-and-heres-why-that-matters","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2586526903","pubTimestamp":1764176400,"columns":[],"sourceInfo":{"source_id":"benzinga_recent_news","name":"Benzinga"},"weMediaInfo":null,"summary":"Veteran short seller Jim Chanos disclosed on Nov. 8 that his firm exited its hedged trade on Strategy , unwinding a position that had been closely watched by cryptocurrency and equity market participants.The disclosure came via X after what Chanos described as \"some inquiries\" about the status of the trade. Chanos & Co closed out their position on Nov. 6, ending a strategic bet that centered on the relationship between Strategy's stock price and its substantial Bitcoin holdings.Chanos's approach to Strategy was nuanced — not a simple short position, but a hedged trade. According to research notes circulated by Chanos & Co. earlier this year, the firm had been shorting Strategy shares while simultaneously holding a long position in Bitcoin, aiming to capitalize on what it viewed as an inflated premium between the company's market value and its cryptocurrency assets.Chanos’s firm had recommended covering the trade with mNAV below 1.25x, having initially suggested the position when the ra","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"83042":"华夏比特币-R","03439":"嘉实比特币","BK1611":"加密货币现货ETF","BK4595":"比特币概念","03008":"博时比特币","BK4596":"哈里斯概念","BK4023":"应用软件","03042":"华夏比特币ETF","BK4594":"比特币ETF概念","BK4601":"加密货币现货ETF","BK4600":"加密货币概念","BK4588":"碎股","BK4516":"特朗普概念","09439":"嘉实比特币-U","BK4585":"ETF&股票定投概念","STRK":"MICROSTRATEGY 8.00% SERIES A PERPETUAL STRIKE PFD","09042":"华夏比特币-U","MSTR":"Strategy"},"translate_title":"传奇卖空者吉姆·查诺斯(Jim Chanos)刚刚关闭了他的MSTR交易-这就是为什么这很重要","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"83042":0.6,"09042":0.9,"MSTR":1.5,"03042":0.9,"03008":0.9,"09439":0.9,"STRK":0.6,"03439":0.9},"content_text":"Veteran short seller Jim Chanos disclosed on Nov. 8 that his firm exited its hedged trade on Strategy (NASDAQ:MSTR), unwinding a position that had been closely watched by cryptocurrency and equity market participants.\nThe disclosure came via X after what Chanos described as \"some inquiries\" about the status of the trade. Chanos & Co closed out their position on Nov. 6, ending a strategic bet that centered on the relationship between Strategy's stock price and its substantial Bitcoin holdings.\nDon't Miss:\nChanos's approach to Strategy was nuanced — not a simple short position, but a hedged trade. According to research notes circulated by Chanos & Co. earlier this year, the firm had been shorting Strategy shares while simultaneously holding a long position in Bitcoin, aiming to capitalize on what it viewed as an inflated premium between the company's market value and its cryptocurrency assets.\nAt the time the trade was first recommended in December, Strategy’s market-to-net-asset-value ratio stood at approximately 2.50x. That premium has since compressed significantly. As of Nov. 21 closing prices, MSTR is trading around $170, down roughly 63% from its 2025 peak, with the mNAV ratio now at 1.22x.\nThe thesis behind the position was straightforward: Strategy’s shares were trading at a substantial premium to the value of its Bitcoin holdings and operational business. Chanos & Co believed this gap would narrow over time as the company continued to issue common equity, diluting the premium that investors had been willing to pay for exposure to Bitcoin through a publicly traded vehicle.\nTrending: Bill Gates Invests Billions in Green Tech — This Tree-Free Material Could Be the Next Big Breakthrough\nChanos & Co noted in their recommendation that while they still believed there was room for further mNAV compression, the trade had “largely played out.” The implied premium—calculated as Strategy’s enterprise value minus its Bitcoin holding value—had fallen from a peak of $80 billion in November 2024 and a more recent peak of $70 billion in July to approximately $15 billion.\n\"While we still believe there is more room for mNAV compression, the thesis has largely played out.\" That's how Chanos & Co framed its updated view on Strategy, arguing that the stock's once-outsized premium should keep narrowing as the company continues issuing common equity.\nThe exit by one of Wall Street’s most prominent skeptics doesn’t necessarily mean smooth sailing ahead for Strategy shareholders. The company’s unique business model—essentially functioning as a leveraged Bitcoin investment vehicle wrapped in a business intelligence software company—continues to polarize investors.\nSee Also: GM-Backed EnergyX Is Solving the Lithium Supply Crisis — Invest Before They Scale Global Production\nChanos’s firm had recommended covering the trade with mNAV below 1.25x, having initially suggested the position when the ratio exceeded 2.0x as recently as July. That threshold has now been crossed, making the risk-reward profile less attractive from their perspective.\nFor retail investors who have ridden Strategy as a Bitcoin proxy, the question becomes whether the remaining premium will continue to erode. The company’s strategy of repeatedly accessing capital markets to purchase additional Bitcoin means ongoing dilution for existing shareholders, even as the underlying asset base grows.\nThe challenge going forward: as Strategy’s valuation approaches parity with its net asset value, the rationale for paying any premium at all becomes harder to justify—unless investors believe the company’s operational business or its ability to access leverage provides unique value that direct Bitcoin ownership cannot match.\nRead Next: Have $100k+ to invest? Charlie Munger says that's the toughest milestone — don't stall now. Get matched with a fiduciary advisor and keep building\nImage: Shutterstock","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}