Chanos Sees $80 Billion Arbitrage Opportunity in MSTR-Bitcoin Spread

Famed short-seller James Chanos says there's an $80B arbitrage opportunity between MicroStrategy (MSTR) and its Bitcoin holdings. He believes Strategy, a business intelligence firm, is one of the greatest pure arbitrage opportunities he has ever seen.

Chanos argued that there is an actionable spread between Strategy and the Bitcoin it holds. Strategy owns approximately 847,363 BTC, worth around $54B at current prices of about $64,000 per BTC.

However, Chanos notes that owning MSTR gives you exposure to both Bitcoin and other aspects of Strategy's business, including debt, preferred securities, financing costs, software business, and management decisions. This means that the stock market can value the company at substantially less than the market value of those Bitcoin holdings.

Chanos previously argued that MSTR was trading at an enormous premium to its Bitcoin holdings in 2025, describing his trade as selling MSTR while buying Bitcoin. He exited the trade in November 2025, unwinding the MSTR/Bitcoin hedge on Nov. 7.