Short seller James Chanos (제임스 차노스) claimed there is an arbitrage opportunity of up to $80 billion between Strategy and bitcoin. He said Strategy shares carry a complex capital structure and risks that make it hard to view them as a simple bitcoin proxy.

On Aug. 18, blockchain outlet U.Today reported that Chanos described Strategy as one of the biggest pure arbitrage opportunities he has seen. He said there is a substantial disconnect between the value of the company’s bitcoin holdings and its stock value.

Strategy currently holds about 847,363 BTC. Using a bitcoin price of about $64,000 as of Aug. 18, the value of its bitcoin holdings totals about $54 billion. Chanos described this structure as having an “actionable $80 billion spread.”

Chanos stressed that Strategy shares and bitcoin should not be treated as economically identical assets. Buying Strategy shares can give exposure to bitcoin prices, but it also exposes investors to the company’s debt, preferred securities and financing costs, as well as its software business and management decisions. In other words, he said Strategy shares are a separate financial asset — not bitcoin itself, but an investment in a company that holds bitcoin on a large scale.

Chanos has long argued that Strategy shares trade at a premium above the value of the bitcoin it holds. He publicly described a trade in 2025 that shorted Strategy stock while buying bitcoin. Chanos & Co built the position from late 2024, and the initial short is known to have started around October to November 2024.

At the time, the multiple between Strategy’s share price and the value of its bitcoin holdings widened sharply. In November 2024, the multiple at one point rose above 3 times. Strategy’s premium later narrowed quickly, and by November 2025 the adjusted net asset value multiple fell to about 1.23 times.

Chanos eventually closed the trade in November last year. Chanos & Co liquidated the hedge position combining a short in Strategy shares with a bitcoin purchase on Nov. 7.

The comments are seen as raising again that the value gap between Strategy and spot bitcoin remains notable even after the trade was closed. Chanos argues that valuing Strategy should not be done by simply comparing its enterprise value with the market value of its bitcoin holdings.

Chanos is known as a short seller who probes accounting and corporate valuation issues at large companies. A representative case is Enron. He began investigating in 2000 after concluding there were problems in Enron’s financial statements. He later drew market attention by taking short positions in Luckin Coffee and German payments firm Wirecard.

Chanos’s latest claim is interpreted as meaning caution is needed in viewing Strategy as a simple proxy for bitcoin prices. Strategy shares may benefit if bitcoin prices rise, but they are also a separate asset that reflects corporate debt and financing structure, business operations and management’s strategic judgments.