Jim Chanos, the veteran infestor who made his name short circuit Enron, is betting on Bitcoin (BTC) Trade while shorting strategy (MSTR), the largest business owner of the largest cryptocurrency.

In an interview at Sohn Investment Conference in New York with CNBC detailed Chano’s efforts. “We sell Microstratey shares and buy Bitcoin,” Chanos said, calling it an arbitrage trait: “Basically buying something for $ 1 and selling it for $ 2.50.”

Strategy began acquiring Bitcoin in 2020 and has since transformed into a Bitcoin Proxy for investors. The company has issued debt and equity to accumulate cryptocurrency, and now has a 568,840 BTC Hoard purchased at an average cost of $ 69,287 per year. Coin.

The aggressive Bitcoin accumulation, supported by Wall Street analysts, has made its stock sensitive not only at Bitcoin’s price but also to the investor appetite at risk. The strategy shares increase 3,500% in the last five years to now trade at $ 416 per year. Piece, giving it a market value of $ 115 billion.

For Chanos, the valuation of the strategy does not make sense as Mstr shares have risen more than the price of Bitcoin.

The fund manager claims that this increase reflects retail specations more than basic, a theme that he believes is repeated by other companies that are now trying to repeat the strategy’s Bitcoin accumulation strategy.