Jim Chanos Goes Long Bitcoin, Short MicroStrategy In Arbitrage Bet Against Retail Speculation
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Veteran short seller Jim Chanos on Thursday revealed a strategic arbitrage trade: long Bitcoin (CRYPTO: BTC), short Strategy (NASDAQ:MSTR).
His position targets what he described as a widening and unjustified premium on MicroStrategy's stock relative to its Bitcoin holdings.
'We're buying Bitcoin, selling MicroStrategy stock—an arbitrage play, buying for $1, selling for $2.50,' Chanos said during the talk.
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He emphasized that the core trade isn't based on predicting Bitcoin's price direction but exploiting the spread between MicroStrategy's net asset value (NAV) and its trading price.
'I don't know where Bitcoin is going.. $100,000, a million, $10,000. I don't know. I don't think anybody else knows,' he said. "But what I do know is it's generally profitable to short $1 for $2.50 or three dollars."
Chanos, who has intermittently held this position over the past few years, criticized what he sees as a flawed narrative among retail investors: buying into corporate structures like MicroStrategy as a proxy for direct Bitcoin exposure.
"They are basically selling retail investors the idea that we are going to buy Bitcoin in a corporate structure... and therefore earnings are created by the difference between what new investors are paying with the net asset value is,' he said.
He likened his own approach to that of Strategy founder Michael Saylor saying, "We're doing exactly what MicroStrategy and Michael Saylor are doing," highlighting that his trade simply reverses the structure: directly buying Bitcoin while selling the stock.
Chanos also pointed to the premium to NAV as a barometer of market speculation, noting it has recently returned to levels seen at the end of 2024.
"It's a good barometer, not only just of the arbitrage itself, but I think of retail speculation," he added.
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This article Jim Chanos Goes Long Bitcoin, Short MicroStrategy In Arbitrage Bet Against Retail Speculation originally appeared on Benzinga.com
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Completion of Successful Drilling Campaign on Galactica-Pegasus Project and State-9 Flow Test Results and Gas Analysis Update LONDON, UNITED KINGDOM / / June 10, 2025 / Helium One Global (AIM:HE1), the primary helium explorer in Tanzania with a 50% working interest in the Galactica-Pegasus helium development project in Colorado, USA ("the Galactica Project"), provides an update following the Blue Star Helium (ASX:BNL) ("Blue Star") announcement issued today regarding the Galactica Project. Highlights Successful completion of the 2025 Galactica development drilling programme; significantly advancing the Galactica-Pegasus helium and CO2 project Consistent positive results across all six wells in the programme confirms the production potential and near-term monetization opportunity Well results support finalizing the development plan and fast-tracking to commercial production Next steps include advancing the Galactica wells to initial production in Q4 2025, utilizing the planned processing facility State-9 flowed naturally during drilling and at Total Depth ("TD") Flow rate at State-9 since TD has increased to over 360 thousand cubic feet per day ("Mcfd") Projected Stabilized Flow Rates are 400 Mcfd to 500 Mcfd constrained to optimize production, with a maximum potential rate of 600 Mcfd Early samples return helium concentration of up to 1.52% (air-corrected) and 80.48% CO2 Lorna Blaisse, Chief Executive Officer, commented: "This has been a successful development campaign, with consistently good flow rates and helium concentrations within the expected ranges. 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The completion of the development programme is a key component of the broader Galactica-Pegasus development strategy; aimed at progressing the helium and CO2 discoveries to near-term commercial production. This programme has seen a systematic approach to developing the extensive Lyons Formation reservoir. The programme has delivered encouraging results, in line with expectations, consistently encountering good helium (up to 3.3% He) and CO2 concentrations in the target formation and demonstrating promising flow potential. The next steps will see the Galactica wells tied into initial production in Q4 2025. Helium One is listed on the AIM market of the London Stock Exchange with the ticker of HE1 and on the OTCQB in the United States with the ticker HLOGF. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@ or visit SOURCE: Helium One Global Ltd View the original press release on ACCESS Newswire
