James Chanos, a well-known sell short known for successfully shorting Enron before its collapse in 2007, is criticizing Strategy, which he believes recently bought just $51 million in bitcoin and relaxed a key safeguard designed to prevent shareholder shares from being diluted.
In a tweet on Monday, Chanos said Strategy's latest bitcoin purchases indicate weak demand for the preference shares it issues, and blamed its chairperson, Michael Saylor, for lowering key protections for shareholders.
In its earnings report for the second quarter of 2025, Strategy had stated that it would only issue shares to pay debt interest or preference share dividends when its mNAV (market cap to net asset value ratio) was below 2.5 times, rather than using them to buy more bitcoins.
Famous bears warn: Strategy spends $51 million to buy bitcoin, or indicates weak demand for its issued preference shares
2025-08-19 05:19:23
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