Bitcoin24h $78,358.36+1.66%

Ethereum24h $2,503.88+0.57%

BNB24h $720.56+0.20%

XRP24h $1.40+3.75%

Solana24h $101.53+1.06%

TRON24h $0.3409-0.03%

Hyperliquid24h $80.10+2.24%

Zcash24h $1,143.85+4.12%

Dogecoin24h $0.0840+0.37%

Monero24h $511.24-3.96%

Jim Chanos is calling for another MSTR short

Jim Chanos has called the ballooning share count at Strategy a “pure arbitrage” opportunity to bet against MSTR while staying long BTC.

MSTR has lost 75% of its value since STRC began trading

It has been a year since Michael Saylor’s Strategy launched STRC, and the price of MSTR has declined 75% since it started trading.

Strategy’s basic mNAV stood at 2.04x two years ago. On Wednesday it read 0.68x, a decline of exactly two-thirds.

Michael Saylor’s 2.5x mNAV anti-dilution pledge lasted less than three weeks. Strategy has sold $14.3B of MSTR below that mNAV since.

The effective yield of STRC is 14% with a 28% total return on offer, yet it still cannot hold the $100 par value that Strategy intends.