标题：吉姆·瓦诺斯（Jim Chanos

在过去的一年中收益177％，自2025年初以来40％，投资者吉姆·瓦诺斯（Jim Chanos）认为，这是合适的策略（MSTR）股票的合适时机。

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

投资者吉姆·瓦诺斯（Jim Chanos）宣布了战略（MSTR）股票的短期职位，比特币（BTC）的互补职位。

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

尽管过去一年中有177％的收益，自2025年初以来40％，但Chanos认为这是Short MSTR的理想时机。

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

MSTR股票以前被称为MicroStrategy，长期以来一直以溢价进行比特币，因为其积极的比特币采集策略。

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

Chanos在纽约的Sohn Investment会议上发表讲话，在MSTR上透露了他在MSTR上的短职位，并同时在比特币上占据了长期职位。

In an interview with CNBC, Chanos stated:

Chanos在接受CNBC采访时说：

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

“我们正在出售微型股票，购买比特币，基本上以1美元的价格购买商品，以两美元的价格出售。”

Strategy’s large bitcoin bet and MSTR stock surge

策略的大型比特币赌注和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.

几年来，战略的股票一直是对比特币的重要替代赌注，尤其是对于缺乏直接获得资产的机构参与者而言。

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

尽管该公司进行了大量的比特币购买，但它还是在比特币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已经采用了杠杆作用来建立其比特币储量，目前相对于其比特币持有量的价值，目前以溢价进行交易。

Investor Chanos cautions against this, adding:

投资者Chanos表示反对​​这一点，并补充说：

“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.”

“如果您查看微观流通的位置，现在，更不祥的是，一些现在正在筹集大量资金的模仿公司正在做，他们基本上是在向零售投资者出售我们将在公司结构中购买比特币的想法。由于MicroStrategy所做的事情，您应该以类似的保费珍视我们。”

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

许多公开上市的公司最近开始采用迈克尔·赛勒（Michael Saylor）的比特币剧本，并在其资产负债表中增加了比特币。

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）是这样定期增加比特币的公司。但是，由于财务业绩差，其股价迅速下降。

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

随着LTH实现价格达到$ 45,340，BTC的长期赌注上升

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.

长期比特币的投注正在增加，因为区块链分析公司GlassNode报告说，长期持有人（LTH）实现的价格上涨至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.

这种上升表明，以较高的价格水平购买的硬币约为90,000至100,000美元，正衰老到长期持有状态。

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.

这次轮班恰逢155天的截止日期，将2024年12月的买家归类为长期持有人，并逐渐增加了LTH队列的成本基础。