Once a staunch Bitcoin critic, famed short-seller Jim Chanos now sees an arbitrage opportunity by shorting Strategy stock and buying BTC.
Prominent short-seller Jim Chanos, once a vocal critic of Bitcoin and cryptocurrencies, revealed a new trading play that involves shorting shares of Strategy (formerly MicroStrategy) and buying Bitcoin.
At the Sohn Investment Conference in New York, Chanos told CNBC he’s “selling MicroStrategy stock and buying Bitcoin.” The investor described the move as buying something for $1 and selling something for $2.50, referring to what he sees as a significant price mismatch.
Chanos argued that Strategy is selling the idea of buying Bitcoin (BTC) in a corporate structure, and that other companies are following suit in hopes of receiving a similar market premium.
