Tag: MSTR

James Chanos has exited his short position on MicroStrategy (MSTR), citing a significant contraction in the company’s mNAV ratio, now below 1.25x from a peak near 2.0x in July 2025.

By coinspy Key Points:  The mNAV metric—comparing MSTR’s market valuation to the value of its Bitcoin holdings—has collapsed from 3.4x to nearly parity, weakening the original bearish case tied to overvaluation. Other major short sellers, including Kerrisdale Capital, built similar positions against MSTR and Ethereum-focused treasury firms, arguing that ETF competition and inflated valuations justified […]