Chanos comot from MSTR short as Bitcoin Treasury stocks dey bounce back
James Chanos, wey be di founder of Kynikos Associates, don comot for dia 11-month short position for MicroStrategy (MSTR) and also commot dia long Bitcoin trade on November 7. MSTR shares con fall about 50% from dia peak, wey con make di market net asset value (mNAV) premium for dia 641,205 BTC holding reduce from 2.5× to 1.23×. Chanos talk sey most of im bearish belief don come true, e talk say valuation don fall from $70 billion to $15 billion. Industry people see dis move as possible bottom for Bitcoin treasury stocks. Pierre Rochard from The Bitcoin Bond Company notice say signs dey show say bear market for bitcoin treasury companies dey end, plus Willy Woo expect sey MicroStrategy go hold dia Bitcoin even when future downturns show. Traders suppose watch MSTR for possible comeback and short-cover rallies. The exit of one of Wall Street’s biggest short-sellers mean say market feeling dey better. If bitcoin treasury stocks rise again, e fit bring fresh investor interest and trading chances for di sector.
Bullish
Chanos comot from MSTR short position plus im long Bitcoin trade dey show say im bearish idea don mostly happen, mean say bitcoin and bitcoin treasury stocks no get much downside left. Analyst talk dem wey show say bear market done end and expect say MicroStrategy go hold im Bitcoin dey boost better feeling. Dis kian setup fit make short-covering rally happen, make demand for Bitcoin increase, and mark turning point for both short and long time wey go carry bullish view come.