Is This the Indicator That BTC Treasury Companies Have Hit a Bottom?

Famed short seller Jim Chanos announced he closed his 11-month short position against MicroStrategy (MSTR), which was paired with a long position in Bitcoin. Chanos initially targeted MSTR when its multiple net asset value (mNAV) was 2.5, meaning the stock traded at a significant premium to its underlying bitcoin holdings. He closed the trade because the mNAV compressed to 1.23, driven by a roughly 50% drop in MSTR shares from their 2025 peak and the company's ongoing common stock issuance. While Chanos noted the premium could still compress further toward parity (1.0), he believes the main thesis for the short trade has largely played out. The closing of this high-profile short, occurring amid a turbulent year for bitcoin treasury firms, is viewed as a potential signal that the sector, which includes the largest publicly traded bitcoin holder MSTR, may have reached a bottom.

(Source：CoinDesk)