吉姆·瓦諾斯（Jim Chanos

在短路策略（MSTR）的同時，押注比特幣（BTC）貿易的資深投資者吉姆·瓦諾斯（Jim Chanos）押注了比特幣（BTC）交易

Jim Chanos, the veteran investor known for his short bets on Enron and the housing bubble, is turning his attention to bitcoin (BTC) and Strategy (MSTR), the largest corporate holder of the biggest cryptocurrency.

吉姆·瓦諾斯（Jim Chanos）是一位以安然（Enron）和住房泡沫的短暫押注而聞名的資深投資者，他將注意力轉向比特幣（BTC）和戰略（MSTR），這是最大的加密貨幣公司最大的公司持有人。

In an interview at the Sohn Investment Conference in New York with CNBC on Wednesday, Chanos described a bet he’s making by shorting Strategy and buying bitcoin.

Chanos在紐約在紐約舉行的CNBC舉行的SOHN投資會議上接受采訪時，描述了他通過短路策略和購買比特幣進行的下注。

“We’re selling MicroStrategy stock and buying bitcoin, which is, in essence, an arbitrage move. It’s basically buying something for $1, selling it for $2.50.”

“我們正在出售MicroStrategy股票和購買比特幣，這本質上是套利的舉動。它基本上以1美元的價格購買商品，以2.50美元的價格出售。”

Strategy began accumulating bitcoin in 2020 as part of a broader narrative shift to a bitcoin proxy for investors. The firm has issued debt and equity to purchase the cryptocurrency, and it now holds a 568,840 BTC treasury bought at an average cost of $69,287 per coin.

戰略於2020年開始積累比特幣，這是投資者向比特幣代理的更廣泛的敘事轉變的一部分。該公司已發行債務和權益購買加密貨幣，現在擁有568,840 BTC財政部，平均每枚硬幣69,287美元購買。

The company’s aggressive bitcoin accumulation, backed by the bullish calls from Wall Street analysts, has made its stock very sensitive not only to bitcoin’s price but also to investor risk appetite.

在華爾街分析師的看漲電話的支持下，該公司積極進取的比特幣積累，使其股票不僅對比特幣的價格非常敏感，而且對投資者的風險食慾也非常敏感。

Strategy’s shares have soared 3,500% in the last five years to now trade at $416 apiece, giving it a $115 billion market capitalization. But to Chanos, that valuation doesn’t add up.

在過去的五年中，戰略的股票飆升了3,500％，現在以416美元的價格交易，使其獲得了1,150億美元的市值。但是對於Chanos來說，這種估值並沒有加起來。

“I think it’s a short. They’ve sold a lot of stock and they’re going to sell more stock. I’m not a big short-seller but I like this one a lot.”

“我認為這很短。他們賣了很多股票，他們將出售更多的股票。我不是一個大售價，但我非常喜歡這個。”

Chart of Strategy stock price vs bitcoin price in 2024highlight

策略股票價格與2024高光的比特幣價格

Strategy’s stock price has surged more than the price of bitcoin this year.

策略的股價飆升超過了今年比特幣的價格。

To Chanos, Strategy’s valuation doesn’t make sense as MSTR shares have surged more than the price of bitcoin.

對於Chanos來說，戰略的估值毫無意義，因為MSTR股票的飆升超過了比特幣的價格。

The fund manager argues that this rise reflects retail speculation more than fundamentals, a theme he believes is being carried forth by other firms who are now trying to replicate MicroStrategy’s bitcoin accumulation strategy.

基金經理認為，這種崛起反映了零售的投機，而不是基本面，他認為這一主題是由其他公司正在試圖複製MicroStrategy的比特幣累積策略的主題。