According to James Chanos, a well-known airman, there is an “operable price difference” of about $80 billion between Strategy and his hold of bitcoin. This claim once again divides the market focus back to the long-standing valuation of MSTR and bitcoin.

Approximately 847,000 bitcoins

As at 18 August, Strategy held approximately 847,363 bitcoin. The market value of these assets is approximately $54 billion in bitcoin or $64,000.

According to Chanos, the stock market price for Strategy may deviate significantly from the market value of its Bitcoin hold. This deviation does not mean that the two can be simply equated, since the purchase of MSTRs is not a direct possession of bitcoin.

Hold MSTR does not mean hold BTC

In his view, holding a Strategy stock, in addition to obtaining a bitcoin opening, bore the influence of corporate debt, priority securities, financing costs, software performance and management decision-making.

In other words, MSTR prices are not only affected by bitcoin fluctuations, but also reflect changes in the capital structure and the level of operations of companies, making it difficult to maintain full consistency with spotbitcoin.

Chanos was empty.

Chanos had previously publicly expressed doubts about Strategy ' s valuation. He had argued that MSTR once had an excessive premium on its bitcoin hold and had clearly disclosed in 2025 its own trade line: selling MSTRs and buying bitcoin.

It was reported that Chanos and his Chanos & Co. had set up this warehouse since late 2024, and that the initial empty space was approximately between October and November 2024. By November of that year, the number of MSTRs relative to the value of their bitcoin holding stock had risen to more than three times.

However, the hedge transaction was not held on a permanent basis. Chanos & Co. withdrew from the position in November 2025, completing the MSTR and bitcoin-slash positions on November 7.

It's an empty case.

Chanos is known on the market for empty trade, one of the most famous cases being Enron. He initiated a survey of the company in 2000 because part of his financial statements was economically difficult to establish.

Since then, he has also made empty coffee. Richter subsequently disclosed that approximately $310 million in sales in 2019 was fictitious. Wirecard was also one of its representative cases, when Chanos argued that the real profitability of the German payment company was far below its declared level.

This latest statement does not give rise to new trading arrangements, but it again reflects continued market differences over Strategy ' s valuation structure. The relationship between MSTR and bitcoin is still more than a simple price map.