{"id":9305,"date":"2026-08-19T20:35:03","date_gmt":"2026-08-19T17:35:03","guid":{"rendered":"https:\/\/handoli.com\/index.php\/2026\/08\/19\/jim-chanos-is-calling-for-another-mstr-short\/"},"modified":"2026-08-19T20:35:03","modified_gmt":"2026-08-19T17:35:03","slug":"jim-chanos-is-calling-for-another-mstr-short","status":"publish","type":"post","link":"https:\/\/handoli.com\/index.php\/2026\/08\/19\/jim-chanos-is-calling-for-another-mstr-short\/","title":{"rendered":"Jim Chanos is calling for another MSTR short"},"content":{"rendered":"
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According to a new X post<\/a> by Jim Chanos, who profitably short-sold Michael Saylor\u2019s BTC acquisition company a year ago, there is still $80 billion of \u201cpure arbitrage\u201d on the table.<\/p>\n

Chanos called the catalyst of Strategy selling its own stock a trading opportunity.<\/p>\n

\u201cOne of the greatest pure arbitrage situations, ever,\u201d he stated<\/a>, also calling it \u201can $80 billion actionable spread.\u201d<\/p>\n

Chanos isn\u2019t recommending an $80 billion trade in full but merely pointing out the broad opportunity within which a trader can time specific entries and exits.<\/p>\n

The idea is that a skeptic can short any amount of MSTR, directly or via derivatives, with a spot or derivative long position in BTC that is proportional to Strategy\u2019s BTC holdings and sized appropriately to the overall position.<\/p>\n

In his post<\/a>, Chanos didn\u2019t confirm that he\u2019d initiated a new MSTR short-sale, disclose a hedge ratio, or calculate how he reached his $80 billion estimate.<\/p>\n

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Jim Chanos was right about Strategy \u2014 just not patient enough<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

Read more: How Jim Chanos outplayed Michael Saylor: short MSTR, long BTC<\/a><\/em><\/p>\n

Selling MSTR and buying BTC, just like Michael Saylor<\/h2>\n

The CFTC defines<\/a> arbitrage as buying and selling identical or equivalent instruments to capture a price discrepancy. <\/p>\n

Although MSTR is certainly related to Strategy\u2019s BTC holdings, it\u2019s neither identical nor exchangeable. Indeed, Strategy disclaims<\/a> that MSTR gives stockholders no ownership interest in, nor redemption right to, its BTC.<\/p>\n

According to the company, MSTR offers<\/a> \u201camplified exposure\u201d to BTC.<\/p>\n

MSTR often trades erratically and idiosyncratically, so timing an entry and exit takes skill by a capital markets operator.<\/p>\n

The mNAV premium of MSTR to BTC holdings has fluctuated wildly over Strategy\u2019s corporate lifespan. Since December 2020 when Strategy had amassed over 70,000 BTC, the basic mNAV of MSTR has traded<\/a> between a 0.5x low to a 3.7x high.<\/p>\n

Chanos was able to capture an mNAV decline, per Protos\u2019 prior reporting<\/a>, from a late-2024 entry near 2.5x basic mNAV to his November 2025 exit near 1.23x.<\/p>\n

Got a tip? Send us an email securely via\u00a0Protos Leaks<\/em><\/a>. For more informed news and investigations, follow us on\u00a0X<\/a>,\u00a0Bluesky<\/em><\/a>, and\u00a0Google News<\/em><\/a>, or subscribe to our\u00a0YouTube<\/em><\/a>\u00a0channel.<\/em><\/p>\n

The post Jim Chanos is calling for another MSTR short<\/a> appeared first on Protos<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

According to a new X post by Jim Chanos, who profitably short-sold Michael Saylor\u2019s BTC acquisition company a year ago, there is still $80 billion of \u201cpure arbitrage\u201d on the table. Chanos called the catalyst of Strategy selling its own stock a trading opportunity. \u201cOne of the greatest pure arbitrage situations, ever,\u201d he stated, also […]<\/p>\n","protected":false},"author":1,"featured_media":9306,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[147],"tags":[],"class_list":["post-9305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-invest"],"_links":{"self":[{"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/posts\/9305","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/comments?post=9305"}],"version-history":[{"count":0,"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/posts\/9305\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/media\/9306"}],"wp:attachment":[{"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/media?parent=9305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/categories?post=9305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/tags?post=9305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}