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How Jim Chanos outplayed Michael Saylor: short MSTR, long BTC

Jim Chanos doubled his money shorting MSTR from its exuberant peak in November 2024. He also profited from BTC’s rally.

Strategy’s preferred shares spell out an unfortunate acronym: FCKD

Several people have cheered on the FCKD joke, encouraging Saylor to issue a preferred stock with the ticker symbol STRU.

Strategy has to pay $689M to not sell any of its BTC, and those costs have increased every quarter since 2021.

Strategy founder Michael Saylor repeatedly promised a roll-out of STRC counterparts but instead he launched STRE.

Strategy diluted shareholders by $69.5M but bought $45.6M of BTC. These 183,501 extra shares accreted less than the proceeds to its treasury.