Chanos Says He's 'Agnostic' on Bitcoin

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00:00This is not a bet in which you, Jim Chanos, are anti-Bitcoin. You're kind of agnostic on where the price goes.

00:05You just don't believe that the stock should be trading at this hefty premium to the value of its Bitcoin

00:10simply because strategy owns Bitcoin and is raising money to buy more Bitcoin. Where are we at here?

00:16So you're exactly right. I mean, we're agnostic on Bitcoin. I have no idea where Bitcoin is going or what it's worth.

00:23But we own Bitcoin against the MicroStrategy. Short, this was an arbitrage.

00:28And we just, as you know, we just weren't and aren't believers in this whole concept of Bitcoin treasury companies

00:35trading at premium to the underlying asset. And it's interesting. I mean, since we were on last,

00:42I mean, the so-called MNAV, the premium, has compressed from about 1.9 to 1.4.

00:48But what's really interesting is what's happened to all the strategy wannabe companies.

00:53Most of those now have gone to below 1.0 NAV. So they've been completely blown out of the water.

01:03And, you know, the strategy is kind of the granddaddy of this and is still holding on at 1.4.

01:08But again, we just think that investors are much better suited if they're Bitcoin believers

01:13in buying Bitcoin at $1, not $1.40.

01:17And you say that MNAV should be at 1.0. You advise clients when the MNAV is between 2.2 to 2.3.

01:23Have you covered any of your shorts?

01:25We have not covered any of our shorts. But, you know, again, we reserve the right to change our mind.

01:31But I think as long as MicroStrategy keeps selling its paper to buy Bitcoin,

01:37we're going to do the same thing that they're doing.

01:39We're going to do the same thing.