传奇的短售货商吉姆·瓦诺斯（Jim Chanos）对微观策略的赌注，在比特币上占据很长的位置

吉姆·瓦诺斯（Jim Chanos）以暴露安然丑闻而闻名，他再次激起了投资世界，这是对加密货币市场的大胆立场。

Legendary short-seller Jim Chanos, known for exposing the Enron scandal in the early 2000s, has once again stirred the investment world.

传奇的短售货商吉姆·瓦诺斯（Jim Chanos）以2000年代初以揭露安然丑闻而闻名，他再次激起了投资界。

This time, however, Chanos is targeting the cryptocurrency market, where he has taken a short position on Strategy and a long position on Bitcoin, he revealed on Wednesday at the 2025 Sohn Investment Conference.

然而，这次，Chanos的目标是加密货币市场，他在2025年SOHN投资会议上透露，他在战略上占据了短暂的立场和长期位置。

The move signals concern over growing speculation in crypto-linked stocks, particularly where company valuations have become disconnected from the underlying assets they hold.

此举表明，人们关注与加密货币股票的猜测日益增长的猜测，尤其是在公司估值与他们持有的基础资产脱节的情况下。

Chanos, founder of Kynikos Associates and one of Wall Street’s most respected sceptics, explained his strategy by comparing Strategy’s stock price with its Bitcoin reserves.

Chanos是Kynikos Associates的创始人，也是华尔街最受尊敬的怀疑论者之一，他通过比较策略的股票价格与其比特币储量来解释了他的策略。

While Bitcoin remains undervalued based on its long-term fundamentals, Chanos noted that Strategy’s stock has rallied far beyond the fair market value of its holdings.

尽管比特币根据其长期基本面被低估了，但Chanos指出，策略的股票已远远超出其持股的公平市场价值。

Currently, Strategy owns more than 568,840 BTC, which has an estimated market value of over $58 billion, amounting to nearly 2.7% of Bitcoin’s entire supply.

目前，战略拥有超过568,840 BTC，估计市场价值超过580亿美元，占比特币全部供应量的近2.7％。

The company, headed by CEO Michael Saylor, has added 122,000 BTC in 2025 alone, positioning Strategy as a leader among public firms in the digital asset space.

该公司由首席执行官迈克尔·赛勒（Michael Saylor）领导，仅在2025年就增加了122,000 BTC，将策略定位为数字资产领域的公共公司的领导者。

However, Chanos warned that this aggressive accumulation strategy has created a valuation mismatch.

但是，Chanos警告说，这种积极的积累策略造成了估值不匹配。

“It is not a pure Bitcoin proxy; it is a company that has pivoted heavily to Bitcoin without generating comparable business growth from its core operations,” Chanos stated.

Chanos说：“这不是一个纯粹的比特币代理；这是一家公司，在没有从其核心运营中产生可比的业务增长的公司对比特币进行了旋转。”

He cautioned that retail investors often misunderstand this distinction, bidding up Strategy’s stock as if it were a direct substitute for owning Bitcoin.

他警告说，零售投资者经常误解这种区别，竞标策略的股票，好像是拥有比特币的直接替代品。

This, according to Chanos, creates a "classic bubble-like situation" where Strategy shares become speculative vehicles.

根据Chanos的说法，这创造了一种“经典泡沫状的情况”，策略共享成为投机车辆。

“People are buying the stock for its Bitcoin equivalence, and they're willing to pay more and more for that, but it's not clear what happens when that speculation recedes.”

“人们正在以其比特币等价购买股票，并且他们愿意为此付出越来越多的费用，但是尚不清楚当猜测退后时会发生什么。”

Chanos emphasised that while Bitcoin remains a promising asset in the long run, investing in a company whose share price is inflated by hype rather than fundamentals could lead to steep losses when market sentiment shifts.

Chanos强调，尽管从长远来看，比特币仍然是有希望的资产，但投资一家公司的股价被炒作而不是基本面膨胀的公司可能会导致市场情绪变化时巨大的损失。

His concern is that other companies might begin mimicking Strategy’s strategy, accumulating large amounts of Bitcoin in a bid to capture investor attention.

他关心的是，其他公司可能会开始模仿战略的策略，积累大量比特币，以吸引投资者的关注。

Some firms may see this as a shortcut to higher valuations, especially if they lack strong revenue streams elsewhere.

一些公司可能将其视为高估估值的捷径，尤其是如果其他地方缺乏强劲的收入来源。

This could set a dangerous precedent. According to Chanos, once the novelty wears off or Bitcoin’s price stalls, these companies could face pressure from shareholders, reduced liquidity, or even write-downs if their BTC holdings lose value.

这可能会设定危险的先例。根据Chanos的说法，一旦新颖性消失或比特币的价格摊位，这些公司可能会面临股东的压力，减少流动性，甚至减少其BTC持有量失去价值。

“I urge you to differentiate between holding the asset itself and investing in a stock that simply owns the asset, especially when the latter is commanding a premium.”

“我敦促您区分资产本身和投资仅拥有资产的股票，尤其是当后者指挥溢价时。”