TechFlow news, May 15 — According to CoinDesk, renowned investor Jim Chanos announced at the Sohn Investment Conference in New York that he is going long on Bitcoin (BTC) while shorting MicroStrategy (MSTR) stock. Chanos described this strategy as an arbitrage opportunity, saying "it's basically buying something for one dollar and selling it for 2.5 dollars." He believes MicroStrategy shares are trading at a premium due to their leveraged Bitcoin holdings, with the company currently holding 568,840 bitcoins at an average cost of $69,287 per BTC. Although MicroStrategy stock has surged 3,500% over the past five years, Chanos argues its valuation has severely decoupled from fundamentals and views it as a barometer of retail speculation.
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