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

Core Viewpoint - Michael Saylor, Chair of Strategy (NASDAQ:MSTR), remains unfazed by short seller Jim Chanos' criticism and believes that skeptics do not understand the value of Bitcoin and digital assets [2][3]. Group 1: Company Performance - Strategy has built a significant business model over the past five years by issuing debt to purchase Bitcoin, serving as a proxy for investors seeking exposure to digital assets [3]. - As of November 2024, the premium of Strategy's stock to its net asset value (NAV) reached as high as three times, which Chanos deemed "ridiculous" [4]. - The stock of Strategy has fallen approximately 32% over the past year, while Bitcoin has increased by 38%, leading to a collapse of the company's multiple to NAV to 1.2 [6]. Group 2: Market Dynamics - Chanos has publicly criticized the sustainability of Strategy's premium to its Bitcoin holdings, arguing that the valuation claims made by Saylor are absurd [5]. - Chanos has closed his short position against Saylor, stating that the thesis of the trade has largely played out and expects the premium to continue compressing as Strategy issues more common equity [7].