Bitcoin24h $79,892.47+3.39%

Ethereum24h $2,488.81+1.24%

XRP24h $1.49+1.42%

BNB24h $703.07+0.80%

Solana24h $100.48+6.35%

TRON24h $0.3434-0.04%

Hyperliquid24h $81.74+4.29%

Zcash24h $850.26+2.51%

Dogecoin24h $0.0911-0.17%

Chainlink24h $11.68+1.00%

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.