Chanos Sees $80 Billion Arbitrage Opportunity in Strategy's Bitcoin Holdings

Famed short-seller James Chanos believes that business intelligence firm Strategy presents an $80 billion arbitrage opportunity.

Chanos argues that there is an 'actionable spread' between Strategy and its Bitcoin holdings, which he estimates to be worth around $54 billion with the current price of Bitcoin at $64,000 on August 18.

However, owning MSTR gives you exposure not only to Bitcoin but also to Strategy's debt, preferred securities, financing costs, software business, and management decisions.

Chanos is known for his successful short-selling strategies, including his bet against Saylor in 2025, where he sold MSTR while buying Bitcoin.