'I Don't Really Think About Jim Chanos': Michael Saylor Says Famed Short Seller Doesn't 'Appreciate What Bitcoin Is Doing'

Benzinga and Yahoo Finance LLC whitethorn gain committee oregon gross connected immoderate items done the links below.

Strategy (NASDAQ:MSTR) Chair Michael Saylor has suggested helium does not suffer slumber implicit legendary abbreviated seller Jim Chanos‘ efforts to nett from Strategy’s caller downturn.

“I don’t truly deliberation astir Jim Chanos,” Saylor said connected Nov. 13 astatine Yahoo Finance Invest. “I deliberation that there’ll beryllium immoderate skeptics. They don’t truly admit what Bitcoin is doing. They don’t recognize integer capital. They don’t recognize integer credit.”

Don't Miss:

• Missed Nvidia and Tesla? RAD Intel Could Be the Next AI Powerhouse — Invest Now astatine Just $0.81 a Share

• 7 Million Gamers Already Trust Gameflip With Their Digital Assets — Now You Can Own a Stake successful the Platform

Saylor said abbreviated sellers similar Chanos were skeptics arsenic a substance of business.

“The abbreviated sellers aren’t truly funny successful the interaction of AI oregon the interaction connected integer assets to alteration the mode the satellite works,” Saylor said.

“Nothing large has ever been created by a abbreviated seller,” helium continued.

Chanos publically stake against Strategy implicit the past year, slamming the company’s premium to its Bitcoin holdings arsenic unsustainable.

Strategy implicit the past 5 years has built a large concern issuing indebtedness to bargain Bitcoin, turning into a proxy for the integer plus for investors who could not get oregon did not privation nonstop vulnerability to it.

Trending: Buffett's Secret to Wealth? Private Real Estate—Get Institutional Access Yourself

The model, for the astir part, depends connected Strategy trading astatine a premium to nett plus value, to guarantee that the institution tin contented caller equity to bargain Bitcoin without diluting shareholders. In November 2024, this premium was arsenic precocious arsenic 3 times NAV. This was “ridiculous,” according to Chanos.

“This is akin to saying my location that roseate successful worth from $450,000 to $500,000 past twelvemonth is not worthy $500,000. It’s worthy $1.5 cardinal due to the fact that it is worthy $500,000 positive a 20 aggregate connected the $50,000 increase,” Chanos told Bloomberg successful June. “Of course, that’s absurd. But that is the assertion helium [Saylor] is making.”

Chanos’ strategy? Long Bitcoin, abbreviated Strategy.

See Also: Wall Street's $12B Real Estate Manager Is Opening Its Doors to Individual Investors — Without the Crowdfunding Middlemen

The commercialized appears to person paid off. Bitcoin is up 38% implicit the past year, portion Strategy banal has fallen astir 32% with its alleged aggregate to NAV collapsing to 1.2.

Against this backdrop, Chanos earlier this period said helium had closed his stake against Saylor.

“The thesis has mostly played out,” Chanos said. “The premium should proceed to compress implicit clip arsenic MSTR continues to contented communal equity, but we urge letting others pursuit the past limb of the commercialized arsenic MSTR inevitably marches towards a 1.0x mNAV.”