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James Chanos, a well-known short seller, said an arbitrage trade based on the price gap between Strategy (MSTR) stock and Bitcoin was one of the biggest opportunities he has seen, according to U.Today. Chanos claimed the gap was worth $80 billion, though he did not disclose how he calculated it. Chanos had used a strategy of shorting Strategy shares, which he viewed as overvalued, while buying BTC, but exited the position in November after Strategy’s mNAV, or its market value multiple relative to the value of its Bitcoin holdings, narrowed from more than three at the end of 2024 to about 1.23 in November last year.
