Renowned bear Jim Chanos takes a short position on both Bitcoin and Strategy.

Renowned short seller Jim Chanos, who was once a public critic of Bitcoin and cryptocurrencies, has now revealed a new trading strategy shorting Strategy stock and buying Bitcoin. At the Sohn Investment Conference in New York, Chanos said he is "selling MicroStrategy stock and buying Bitcoin". The investor described this move as buying one thing for $1 while selling another for $2.50, referring to the significant price mismatch he observed. Chanos pointed out that Strategy is promoting the idea of buying Bitcoin through corporate structures, and other companies are following suit in hopes of gaining similar market premiums. Chanos called this phenomenon "extremely absurd". He described his trading strategy as not only an important indicator of arbitrage itself but also a barometer of retail investors' speculative behavior.