曾经是比特币和加密货币的人声批评家著名的短售货员吉姆·瓦诺斯（Jim Chanos）揭示了一场新的交易剧，其中涉及短暂的策略份额（以前是MicroStrategy）和购买比特币。

曾经是比特币和加密货币的人声批评家著名的短售货员吉姆·瓦诺斯（Jim Chanos）揭示了一场新的交易剧，其中涉及短暂的策略份额（以前是MicroStrategy）和购买比特币。

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

著名的短售货员吉姆·瓦诺斯（Jim Chanos）透露了一场新的交易表，其中涉及卖空战略（以前是微型保险）和购买比特币（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日在纽约举行的Sohn投资会议上，Chanos告诉CNBC的Becky Quick，他“销售微型股票和购买比特币”。投资者将此举描述为以1美元的价格购买商品，并以2.50美元的价格出售商品，指的是他认为的价格不匹配。

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.

根据Chanos的说法，战略正在出售在公司结构中购买比特币的想法，而其他公司也效仿，希望获得类似的市场保费。

“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说：“这太荒谬了。卖出微型票据股票并购买基础比特币。”他补充说，他的交易是“不仅是套利本身的良好晴雨表，而且我想到了零售的猜测。”

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最近的举动假设投资者通过公司包装纸付了比特币的销售。投资者的搬家的购买价为1美元，一只比特币的价格为1美元，策略股票的销售价为2.50美元，旨在突出他认为这是一个很大的价格不匹配。

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.

据他说，这项行业的思想是，投资者正在为策略的股票支付过高的股票，以期获得间接接触比特币。但是，Chanos认为，直接以1美元的价格购买比特币并以2.50美元的价格出售比特币以利用价格过高的效率。

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.

此举表明，通过公司持有比特币反映了过度的猜测和对风险的错误定价。它假设零售投资者通过公司包装者间接拥有比特币的想法可以夸大公司的股票估值。

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.

虽然短路策略股票似乎是一个好主意，但投资者已经损失了数十亿美元的卖空公司。 2024年，随着公司的股票开始上涨，对公司的投资损失了约33亿美元。

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，战略拥有约568,840比特币，价值约590亿美元。由于该公司于2020年开始积累比特币，因此其股价飙升了1,500％，在同一时期的表现不佳。

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.

战略分析师杰夫·沃尔顿（Jeff Walton）在《金融时报》最近发布的纪录片中说，该公司的比特币持有量将帮助它成为未来“整个市场上排名第一的公开交易股权”。

Chanos previously called Bitcoin a ‘libertarian fantasy’

Chanos以前称比特币为“自由主义者幻想”

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年的一次采访中，Chaons说，他不想生活在食物链所持有的世界，而剩下的唯一货币是比特币。

“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.

“我想将数字货币作为价值存储在最坏情况下是行不通的。如果菲亚特货币使世界失望，我想拥有的最后一件事是比特币。食物将是最好的，” Chanos说。

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.

他还批评比特币在2023年的一次采访中称非法活动，称加密货币部门为“金融的阴暗面”，并指责该行业促进逃税和洗钱。

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还对现货比特币交易所交易基金（ETF）表示怀疑，称华尔街需要使公众对加密货币感兴趣，以从收费中获利。

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.

尽管有这些批评，但Chanos现在似乎直接看到持有比特币的价值，尤其是与投资BTC大型财政部的上市公司相比。

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

相关：分析师警告供应冲击，每天$ 1B比特币退出Coinbase

Chanos’ history in short-selling

Chanos在短售后的历史

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

在该公司于2001年申请破产之前，他以对能源公司的短暂立场而闻名