吉姆·瓦诺斯（Jim Chanos

在短路策略（MSTR）的同时，押注比特币（BTC）贸易的资深投资者吉姆·瓦诺斯（Jim Chanos）押注了比特币（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·瓦诺斯（Jim Chanos）是一位以安然（Enron）和住房泡沫的短暂押注而闻名的资深投资者，他将注意力转向比特币（BTC）和战略（MSTR），这是最大的加密货币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在纽约在纽约举行的CNBC举行的SOHN投资会议上接受采访时，描述了他通过短路策略和购买比特币进行的下注。

“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.”

“我们正在出售MicroStrategy股票和购买比特币，这本质上是套利的举动。它基本上以1美元的价格购买商品，以2.50美元的价格出售。”

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.

战略于2020年开始积累比特币，这是投资者向比特币代理的更广泛的叙事转变的一部分。该公司已发行债务和权益购买加密货币，现在拥有568,840 BTC财政部，平均每枚硬币69,287美元购买。

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.

在华尔街分析师的看涨电话的支持下，该公司积极进取的比特币积累，使其股票不仅对比特币的价格非常敏感，而且对投资者的风险食欲也非常敏感。

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.

在过去的五年中，战略的股票飙升了3,500％，现在以416美元的价格交易，使其获得了1,150亿美元的市值。但是对于Chanos来说，这种估值并没有加起来。

“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.”

“我认为这很短。他们卖了很多股票，他们将出售更多的股票。我不是一个大售价，但我非常喜欢这个。”

Chart of Strategy stock price vs bitcoin price in 2024highlight

策略股票价格与2024高光的比特币价格

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

策略的股价飙升超过了今年比特币的价格。

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

对于Chanos来说，战略的估值毫无意义，因为MSTR股票的飙升超过了比特币的价格。

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.

基金经理认为，这种崛起反映了零售的投机，而不是基本面，他认为这一主题是由其他公司正在试图复制MicroStrategy的比特币累积策略的主题。