Strategy faces Chanos $80B Bitcoin arbitrage claim

Short seller James Chanos described Strategy and Bitcoin as an “$80 billion actionable spread” on Aug. 18, reviving debate over the valuation of Michael Saylor’s Bitcoin treasury company. Summary Strategy held 840,447 bitcoin after recent sales, below the 847,363 coin peak disclosed in June. At $64,188 per Bitcoin, Strategy’s remaining holdings were worth approximately $53.95 billion on Tuesday morning. MSTR’s market capitalization was about $34.4 billion, but direct comparison ignores senior financing claims entirely. Chanos previously closed his short MSTR, long Bitcoin trade in November 2025 after spread compression. Strategy’s dashboard placed its mNAV near 1.04, indicating only a narrow enterprise value premium Tuesday. Chanos called the relationship one of the largest “pure arbitrage opportunities” he had seen. His earlier trade involved shorting Strategy’s MSTR shares while taking a long position in Bitcoin. The latest claim requires context. Strategy no longer holds the 847,363 BTC cited in some reports. Recent company disclosures place its balance at 840,447 BTC following several sales during July and August. At Bitcoin’s Tuesday price of approximately $64,188, those holdi...