James Chanos, a noted short seller, described MicroStrategy's Bitcoin treasury as an "$80 billion actionable spread," pointing to a significant valuation gap between the company's Bitcoin holdings and its market capitalization. MicroStrategy holds about 840,447 bitcoins worth roughly $53.95 billion at current prices, while its market cap is around $34.4 billion. However, this difference is not a direct arbitrage profit as it excludes debt, preferred shares, and other financial factors. Chanos previously profited from a similar trade by shorting MicroStrategy shares and going long on Bitcoin but closed that position in late 2025. The company's Bitcoin balance has declined slightly due to sales, and ongoing financing and management risks mean the trade is not risk-free. Future moves by MicroStrategy and Bitcoin price changes will affect whether the stock trades at a premium or discount to its net asset value.
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