Renowned short seller James Chanos has closed his 11-month $MSTR/BTC short, signaling renewed optimism for Bitcoin treasury companies as institutional bearish bets unwind.

"The short bet proved exceptionally profitable. Strategy’s mNAV has now fallen to 1.23x, crossing Chanos’s pre-set cover threshold of 1.25x. “At today’s opening prices, MSTR (~$224) is down roughly 50% from its 2025 peak,” the firm said in an investor note shared alongside Chanos’s post. “The implied premium (MSTR EV less BTC holding value) is currently ~$15 billion, down from a peak of $80 billion in November 2024.”"

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