Chanos Exits Long-Standing Wager Against Strategy

James Chanos, the veteran short-seller, has exited his long-standing wager against Strategy Inc. as the premium between the company’s market value and its Bitcoin holdings narrowed to its tightest in more than a year. He had bet against the stock through a pairs trade — shorting Strategy while going long Bitcoin — on the view that its crypto holdings didn’t justify the inflated share price. (Source: Bloomberg)