Chanos Sees $80 Billion Arbitrage in MSTR Bitcoin Valuation Disparity

Legendary short-seller Jim Chanos has identified an $80 billion arbitrage opportunity involving Marathon Digital Holdings (MSTR) and its Bitcoin holdings. MSTR owns approximately 847,363 Bitcoins valued at around $54 billion. However, the stock market values MSTR substantially lower than these holdings. This valuation gap presents a potential arbitrage chance for professional investors.

The company's shares offer exposure to Bitcoin, but also include risks associated with its debt, preferred securities, and management. Chanos previously shorted MSTR when it traded at a premium to Bitcoin but exited the trade in late 2025.