Odd Lots Jim Chanos on the Nuttiness of 'Bitcoin Treasury Companies'
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Jun 30, 2025 
Jim Chanos, a renowned short seller, dives deep into the intriguing world of Bitcoin treasury companies. He questions why investors opt for shares in these firms instead of buying Bitcoin directly. The conversation also traverses NYC real estate dynamics, Tesla's latest challenges, and the complexities of short selling in tech and auto industries. Chanos critiques the financial practices of companies like Carvana and explores the potential disruptions AI may bring to accounting. His insights challenge conventional investment strategies and raise questions about fiscal sustainability.
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Bitcoin Treasury Company Paradox
- Bitcoin treasury companies issue stock which has infinite supply while holding Bitcoin with limited supply, creating a paradox.
- This model makes little sense economically but has still spurred over 200 similar companies globally.
Bitcoin Yield Illusion
- Bitcoin treasury companies sell the notion of Bitcoin yields, which is financial gibberish.
- They raise capital at a premium but valuations include adding unrealized profits on Bitcoin appreciation, which distorts value.
MicroStrategy Capital Strategy Shift
- MicroStrategy moved from convertible debt to preferred shares to avoid pressure on the stock premium.
- They adapt issuance strategies based on stock price relative to NAV to manage leverage and equity dilution.