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Wall Street's famous short seller Jim Chanos: We are selling MicroStrategy stock and buying Bitcoin.
PANews May 15 news, Wall Street's well-known big short Jim Chanos stated at the Sohn Investment Conference in New York that he is engaged in an aggressive long-short trade involving MicroStrategy and Bitcoin. Chanos is bullish on Bitcoin while shorting MicroStrategy, believing that the company holds a large amount of Bitcoin through leverage, and that the stock price has a considerable premium relative to its Bitcoin holdings. Chanos pointed out that MicroStrategy and its imitators promote the idea of retail investors purchasing Bitcoin through corporate structures and that a similar premium valuation is unreasonable. He stated that by shorting MicroStrategy stock and buying Bitcoin, it is equivalent to buying at $1 and selling at $2.5. Over the past year, MicroStrategy's stock price has risen more than 220%, while Bitcoin's increase during the same period is close to 70%.