Short seller James Chanos described Strategy and Bitcoin as an “$80 billion actionable spread” on Aug. 18, sparking debate on the valuation of Michael Saylor’s Bitcoin treasury company. Strategy’s Bitcoin holdings have decreased to 840,447 BTC, worth about $53.95 billion, while MSTR’s market cap is $34.4 billion. Chanos previously closed his short MSTR, long Bitcoin trade in November 2025 after spread compression.

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