(2) Options Advantage/Passive Flows? Derivatives are already available on Bitcoin, and will increase with time. More importantly, the temporary lack of access to them or inability of certain investors to buy Bitcoin is more a disadvantage to those investors, not a plus for $MSTR.
— James Chanos (@RealJimChanos) August 13, 2025
(4) Here are the Disadvantages: First, double-taxation. At the corporate level (and no one is factoring deferred taxes in the NAV calc) and investor level. Next is agency and custody risk. Why hold an asset designed for personal control in a structure that someone else controls?!
— James Chanos (@RealJimChanos) August 13, 2025
(5) Finally, and most importantly, is Price. Paying a substantial (70% currently) premium for a fungible digital asset that everyone else can buy for no premium, because of the silly/false arguments above, is rarely a wise financial decision. Caveat emptor. $MSTR
— James Chanos (@RealJimChanos) August 13, 2025