James Chanos, who was a space agency, once again pushed the valuation difference between Strategy and Bitcoin, claiming that there was a “$80 billion operating price difference”. However, in direct comparison with publicly available data, there is not such a simple arbitrage space between the market value of MSTR and its holding value of bitcoin.

Book differences are not direct arbitrage

As of Tuesday morning, Strategy held 840,447 bitcoins. At US$ 64,188 per item, the market value of this portion of the warehouse is approximately US$ 53,950 million. During the same period, the market value of MSTR was approximately $34.4 billion, with equity prices increasing by nearly 5 per cent to $97.68.

If you look at these two figures alone, the difference is about $19.5 billion. This does not, however, amount to a arbitrage that can be directly locked, as it does not take into account liabilities, priority shares, cash reserves, software operations, tax implications and the cost of maintaining a stowage position.

The article mentions that Chanos did not publicly complete the calculation, so that the “$80 billion operating price differential” is more like his qualitative description of the scope of the opportunity than the directly verifiable difference between the two market prices.

Bitcoin hold is below June.

According to documents submitted to the United States Securities and Exchange Commission on 29 June, Strategy held 847,363 bitcoins at the end of June, at a cumulative purchase cost of $64.1 billion, with an average purchase price of approximately $75,651.

Since then, the company has sold a portion of bitcoin under a liquidation plan approved by the Board to replenish the United States dollar reserve, pay interest, preferential dividends and buy back securities. After the sale, the holding stock was reduced to 840,447 at a total cost of approximately $63,366 million and an average cost of approximately $75,385 per unit.

At Tuesday's bitcoin prices, this part of the hold is approximately $9.4 billion lower than the disclosed cost. However, this remains an unrealized book balance and will only be translated into realized gains and losses when actually sold.

Possession of MSTR does not amount to direct possession of bitcoin

Direct possession of bitcoin, mainly for currency fluctuations and hosting security risks, and MSTR, for additional risk associated with corporate financing structures and management decisions.

The Strategy Board has approved an additional amount of up to $1.25 billion in bitcoin to support its dollar reserves. At the same time, the company has approved a $1 billion priority equity buy-back plan and a $1 billion MSTR stock buy-back plan, respectively.

This means that MSTR prices are influenced not only by bitcoin, but also by financing arrangements, buy-backs, changes in market demand and headbacks. Even if investors do do dobitcoin at the same time and do MSTR at the same time, hedge deals may be under pressure on both sides over time.

Chanos used to calm down after the price difference.

Chanos set up a set of transactions at the end of 2024 "dobitcoin, empty MSTR". At that time, MSTR had a higher premium on its bitcoin holding value, which in November 2024 was three times higher than the bitcoin value.

In 2025, he publicly stated that investors paid excessive prices for bitcoin convertibles, which could be obtained through direct holding or less costly exchange-traded products. At that time, Reuters reported that when he again criticized him in June 2025, Strategy ' s market value was approximately 1.74 times its hold value of bitcoin.

As the premium narrows, the Chanos sub-organisation levelled off the silo on November 7, 2025. He claimed that the return on the deal was over 50 per cent, but the remaining space was no longer sufficient to sustain it.