標題：吉姆·瓦諾斯（Jim Chanos

在過去的一年中收益177％，自2025年初以來40％，投資者吉姆·瓦諾斯（Jim Chanos）認為，這是合適的策略（MSTR）股票的合適時機。

Investor Jim Chanos has announced a short position on Strategy (MSTR) stock and a complementary long position in Bitcoin (BTC).

投資者吉姆·瓦諾斯（Jim Chanos）宣布了戰略（MSTR）股票的短期職位，比特幣（BTC）的互補職位。

Despite 177% gains in the past year and 40% since the start of 2025, Chanos believes this is the ideal time to short MSTR.

儘管過去一年中有177％的收益，自2025年初以來40％，但Chanos認為這是Short MSTR的理想時機。

Previously dubbed MicroStrategy, MSTR stock has long traded at a premium to Bitcoin amid its aggressive Bitcoin acquisition strategy.

MSTR股票以前被稱為MicroStrategy，長期以來一直以溢價進行比特幣，因為其積極的比特幣採集策略。

Speaking at the Sohn Investment Conference in New York, Chanos revealed his short position on MSTR and a simultaneous long position on Bitcoin.

Chanos在紐約的Sohn Investment會議上發表講話，在MSTR上透露了他在MSTR上的短職位，並同時在比特幣上佔據了長期職位。

In an interview with CNBC, Chanos stated:

Chanos在接受CNBC採訪時說：

“We’re selling MicroStrategy stock and buying Bitcoin and basically buying something for $1 selling it for two and a half dollars.”

“我們正在出售微型股票，購買比特幣，基本上以1美元的價格購買商品，以兩美元的價格出售。”

Strategy’s large bitcoin bet and MSTR stock surge

策略的大型比特幣賭注和MST的股票激增

For several years now, Strategy’s stock has been a significant proxy bet on bitcoin, especially for institutional players who lacked direct access to the asset.

幾年來，戰略的股票一直是對比特幣的重要替代賭注，尤其是對於缺乏直接獲得資產的機構參與者而言。

Despite the company’s substantial bitcoin purchases, it has managed to maintain additional alpha on bitcoin returns.

儘管該公司進行了大量的比特幣購買，但它還是在比特幣收益率上保持了其他alpha。

However, MicroStrategy has employed leverage to build its bitcoin reserves and currently trades at a premium relative to the value of its bitcoin holdings.

但是，MicroStrategy已經採用了槓桿作用來建立其比特幣儲量，目前相對於其比特幣持有量的價值，目前以溢價進行交易。

Investor Chanos cautions against this, adding:

投資者Chanos表示反對​​這一點，並補充說：

“If you look at where MicroStrategy and now, more ominously, some of its copycat companies that are now raising lots of money are doing, they are basically selling retail investors the idea that we are going to buy bitcoin in a corporate structure. Because of what MicroStrategy has done, you should value us at a similar premium.”

“如果您查看微觀流通的位置，現在，更不祥的是，一些現在正在籌集大量資金的模仿公司正在做，他們基本上是在向零售投資者出售我們將在公司結構中購買比特幣的想法。由於MicroStrategy所做的事情，您應該以類似的保費珍視我們。”

A large number of publicly listed firms have recently begun adopting Michael Saylor’s bitcoin playbook and adding bitcoin to their balance sheets.

許多公開上市的公司最近開始採用邁克爾·賽勒（Michael Saylor）的比特幣劇本，並在其資產負債表中增加了比特幣。

Semler Scientific (NASDAQ:SCIX) is one such firm that periodically adds bitcoins. However, its stock price has decreased rapidly due to poor financial performance.

Semler Scientific（NASDAQ：SCIX）是這樣定期增加比特幣的公司。但是，由於財務業績差，其股價迅速下降。

Long BTC bets rise as LTH realized price reaches $45,340

隨著LTH實現價格達到$ 45,340，BTC的長期賭注上升

Long-term Bitcoin bets are increasing, as blockchain analytics firm Glassnode reports a rise in the Long-Term Holder (LTH) realized price to $45,340.

長期比特幣的投注正在增加，因為區塊鏈分析公司GlassNode報告說，長期持有人（LTH）實現的價格上漲至45,340美元。

This rise indicates that coins purchased at higher price levels, around $90,000–$100,000, are aging into long-term holding status.

這種上升表明，以較高的價格水平購買的硬幣約為90,000至100,000美元，正衰老到長期持有狀態。

The shift coincides with the 155-day cut-off, classifying December 2024 buyers as Long-Term Holders and gradually increasing the LTH cohort’s cost basis.

這次輪班恰逢155天的截止日期，將2024年12月的買家歸類為長期持有人，並逐漸增加了LTH隊列的成本基礎。