Short-selling specialist investor Jim Chanos called the valuation gap between Strategy and its Bitcoin holdings an $80 billion arbitrage gap on August 18, 2026. He claimed this was the largest arbitrage opportunity he had ever seen. However, this allegation directly clashes with the company’s internal data.
Chanos has not published any details of the calculation behind the $80 billion figure. This number is purely his personal characterization, rather than the result of subtracting two market prices that can be directly verified by the public.
Calculations Moving in Opposite Directions
Based on the company’s methodology, Strategy’s mNAV (modified net asset value multiple) is currently around 1.04. This means the company’s stock is only trading at a premium of about 4% above its net asset value. This premium has shrunk sharply compared to the 2024-2025 era when MSTR was often valued at three times the value of the Bitcoin it held.
The $80 billion arbitrage claim also ignores the company’s real liability components. Chanos’ calculation does not factor in debt liabilities, preferred stock, cash positions, the value of the operating software business, taxes, or the actual costs of maintaining the hedging position.
On the other hand, Strategy’s total asset holdings are currently recorded at 840,447 BTC, not 847,363 BTC as cited in some reports. This difference is purely the result of sales during the July to August period. In the week of August 9 alone, the company sold 1,690 BTC specifically to finance the repurchase of preferred stock.
Book Position and Chanos’ Maneuvers
The entire 840,447 BTC was accumulated at a cost of approximately $63.36 billion, putting the average purchase price at $75,385 per coin. Referring to current Bitcoin prices, the company’s investment portfolio position stands about $9.4 billion below the purchase price - an unrealized loss.
For Chanos, betting against MSTR is nothing new. In 2025, when the stock broke above a 3x premium, he took a short position on MSTR while simultaneously going long on BTC. That position was eventually closed on November 7, 2025, with profits exceeding 50%. Despite making a large arbitrage claim this time, his statement does not confirm whether he has reopened a similar bet.
Cash Reserve Options
Strategy is not in a liquidity squeeze. The company still holds dollar reserves of $4.65 billion. The board of directors has even authorized the release of up to $1.25 billion in additional BTC if needed to bolster cash reserves. This financing move also involves the issuance of preferred securities series STRC, STRF, STRD, and STRK, which carry interest rates of 8-12%.
An analyst’s unilateral claim always triggers speculation. However, for market observers, the 1.04 mNAV metric and the company’s capital structure speak louder than the $80 billion figure without detailed calculations. As reported by crypto.news.
Also read: What Is Bitcoin Halving?
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
