曾經是比特幣和加密貨幣的人聲批評家著名的短售貨員吉姆·瓦諾斯（Jim Chanos）揭示了一場新的交易劇，其中涉及短暫的策略份額（以前是MicroStrategy）和購買比特幣。

曾經是比特幣和加密貨幣的人聲批評家著名的短售貨員吉姆·瓦諾斯（Jim Chanos）揭示了一場新的交易劇，其中涉及短暫的策略份額（以前是MicroStrategy）和購買比特幣。

Prominent short-seller Jim Chanos has revealed a new trading play that involves shorting shares of Strategy (formerly MicroStrategy) and buying Bitcoin (BTC).

著名的短售貨員吉姆·瓦諾斯（Jim Chanos）透露了一場新的交易表，其中涉及賣空戰略（以前是微型保險）和購買比特幣（BTC）。

At the Sohn Investment Conference in New York on May 7, Chanos told CNBC’s Becky Quick that he’s “selling MicroStrategy stock and buying Bitcoin.” The investor described the move as buying something for $1 and selling something for $2.50, referring to what he sees as a significant price mismatch.

在5月7日在紐約舉行的Sohn投資會議上，Chanos告訴CNBC的Becky Quick，他“銷售微型股票和購買比特幣”。投資者將此舉描述為以1美元的價格購買商品，並以2.50美元的價格出售商品，指的是他認為的價格不匹配。

According to Chanos, Strategy is selling the idea of buying Bitcoin in a corporate structure, and that other companies are following suit in hopes of receiving a similar market premium.

根據Chanos的說法，戰略正在出售在公司結構中購買比特幣的想法，而其他公司也效仿，希望獲得類似的市場保費。

“It’s ridiculous. Sell MicroStrategy stock and buy the underlying Bitcoins,” said Chanos, adding that his trade is “a good barometer of not only just of the arbitrage itself, but I think of retail speculation.”

Chanos說：“這太荒謬了。賣出微型票據股票併購買基礎比特幣。”他補充說，他的交易是“不僅是套利本身的良好晴雨表，而且我想到了零售的猜測。”

Chanos’ recent move assumes investors overpay for Bitcoin exposure through corporate wrappers. The investor’s move stands at a purchase price of $1 for one Bitcoin and a sale price of $2.50 for Strategy stock, aiming to highlight what he sees as a substantial price mismatch.

Chanos最近的舉動假設投資者通過公司包裝紙付了比特幣的銷售。投資者的搬家的購買價為1美元，一隻比特幣的價格為1美元，策略股票的銷售價為2.50美元，旨在突出他認為這是一個很大的價格不匹配。

According to him, the thinking behind this trade is that investors are paying an overpremium for Strategy’s stock in anticipation of gaining indirect exposure to Bitcoin. However, Chanos believes it would be more efficient to buy Bitcoin directly at $1 and sell Strategy stock at $2.50 to capitalize on the overpricing.

據他說，這項行業的思想是，投資者正在為策略的股票支付過高的股票，以期獲得間接接觸比特幣。但是，Chanos認為，直接以1美元的價格購買比特幣並以2.50美元的價格出售比特幣以利用價格過高的效率。

This move suggests that holding Bitcoin through companies reflects excessive speculation and mispricing of risk. It assumes that retail investors’ idea of having Bitcoin indirectly through corporate wrappers can inflate the company’s stock valuations.

此舉表明，通過公司持有比特幣反映了過度的猜測和對風險的錯誤定價。它假設零售投資者通過公司包裝者間接擁有比特幣的想法可以誇大公司的股票估值。

While shorting Strategy stock seems like a good idea, investors have already lost billions shorting Saylor’s company. In 2024, investors who bet against the firm lost about $3.3 billion as the company’s stock started to rise.

雖然短路策略股票似乎是一個好主意，但投資者已經損失了數十億美元的賣空公司。 2024年，隨著公司的股票開始上漲，對公司的投資損失了約33億美元。

As of May 2025, Strategy holds approximately 568,840 Bitcoin, valued at around $59 billion. Since the company started accumulating Bitcoin in 2020, its stock price surged by 1,500%, outperforming the S&P 500’s gains during the same period.

截至2025年5月，戰略擁有約568,840比特幣，價值約590億美元。由於該公司於2020年開始積累比特幣，因此其股價飆升了1,500％，在同一時期的表現不佳。

In a recently released documentary from the Financial Times, Strategy analyst Jeff Walton said that the company’s Bitcoin holdings would help it become the “number one publicly traded equity in the entire market” in the future.

戰略分析師傑夫·沃爾頓（Jeff Walton）在《金融時報》最近發布的紀錄片中說，該公司的比特幣持有量將幫助它成為未來“整個市場上排名第一的公開交易股權”。

Chanos previously called Bitcoin a ‘libertarian fantasy’

Chanos以前稱比特幣為“自由主義者幻想”

In a 2018 interview, Chaons said that he wouldn’t want to live in a world where the food chain is holding up and the only currency that remains is Bitcoin.

在2018年的一次採訪中，Chaons說，他不想生活在食物鏈所持有的世界，而剩下的唯一貨幣是比特幣。

“I suppose having digital currency as a store of value in the worst-case scenario wouldn’t work. If fiat currency brings the world down, the last thing I’d want to own is Bitcoin. Food would work the best,” said Chanos.

“我想將數字貨幣作為價值存儲在最壞情況下是行不通的。如果菲亞特貨幣使世界失望，我想擁有的最後一件事是比特幣。食物將是最好的，” Chanos說。

He also criticized Bitcoin for enabling illicit activity, calling the crypto sector “the dark side of finance” in a 2023 interview, and accused the industry of facilitating tax evasion and money laundering.

他還批評比特幣在2023年的一次採訪中稱非法活動，稱加密貨幣部門為“金融的陰暗面”，並指責該行業促進逃稅和洗錢。

Chanos also expressed skepticism about spot Bitcoin exchange-traded funds (ETFs), saying that Wall Street needs to keep the public interested in crypto to profit from the fees.

Chanos還對現貨比特幣交易所交易基金（ETF）表示懷疑，稱華爾街需要使公眾對加密貨幣感興趣，以從收費中獲利。

Despite those critiques, Chanos now appears to see value in holding Bitcoin directly, particularly in contrast to investing in public companies with large BTC treasuries.

儘管有這些批評，但Chanos現在似乎直接看到持有比特幣的價值，尤其是與投資BTC大型財政部的上市公司相比。

Related: $1B Bitcoin exits Coinbase in a day as analysts warn of supply shock

相關：分析師警告供應衝擊，每天$ 1B比特幣退出Coinbase

Chanos’ history in short-selling

Chanos在短售後的歷史

Known for his short position against the energy company Enron before the firm filed for bankruptcy in 2001, A

在該公司於2001年申請破產之前，他以對能源公司的短暫立場而聞名