One of Wall Street’s most prominent skeptics, short seller Jim Chanos, is ramping up his criticism of Wall Street’s most popular bitcoin trade: Michael Saylor’s Strategy (MSTR).
华尔街最杰出的怀疑论者之一，卖空者吉姆·查诺斯（Jim Chanos），正在加剧他对华尔街最受欢迎的比特币贸易的批评：迈克尔·塞勒（Michael Saylor）的战略（MSTR）。
“It makes kind of no sense,” Chanos said in a recent interview on Bloomberg's"Odd Lots" podcast, the latest in a series of public comments taking aim at the market frenzy surrounding Saylor’s company.
Chanos在最近对彭博社的“ Odd Lots”播客的采访中说：“这毫无意义。”这是一系列公众评论中最新的瞄准市场，以瞄准了Saylor的公司Frenzy Frenzy。
Saylor has turned a business intelligence software firm into a bitcoin juggernaut by using a combination of debt and equity to add tons of the world’s largest cryptocurrency to his company’s balance sheet.
Saylor通过利用债务和权益的结合将一家商业智能软件公司变成了比特币剑圣，将世界上最大的加密货币添加到其公司的资产负债表中。
Strategy now holds 597,325 bitcoins worth roughly $64 billion as of June 30, making it the largest corporate holder of the digital asset. And the stock of his company has soared 210% over the past year — well above the 80% gain of bitcoin itself as well as a 13% gain for the S&P 500.
截至6月30日，战略现在拥有597,325个比特币，价值约640亿美元，使其成为数字资产的最大公司持有人。在过去的一年中，他公司的股票飙升了210％，远高于比特币本身的80％增长，标准普尔500指数的收益率为13％。
The main concern about all this, which Chanos continues to hammer home in TV appearances and podcasts, is that Strategy should not be valued higher than the underlying asset it owns, and that investors should simply buy bitcoin instead of stock in a company buying bitcoin.
Chanos继续在电视露面和播客中锤击房屋的主要关注点是，该策略不应被评估高于其拥有的基本资产，并且投资者应该只是在购买比特币的公司中仅购买比特币而不是股票。
Chanos’s views carry weight on Wall Street. He has made a career out of betting against companies he believes are wrongly valued, and is most famous for predicting the downfall of Enron in 2001.
Chanos的观点在华尔街带来重量。他的职业生涯是出于对他认为被错误重视的公司的押注，并且以预测2001年安然的倒台而闻名。
Chanos & Co. founder and managing partner Jim Chanos at the 2025 Sohn Investment Conference, in New York, on May 14. REUTERS/Jeenah Moon · REUTERS / Reuters
Chanos＆Co。创始人兼执行合伙人Jim Chanos于5月14日在纽约举行的2025年SOHN投资会议上。路透社 / Jeenah Moon·路透 /路透社
Saylor’s counterargument to Chanos's skepticism is that shares of Strategy are easier to own and buy than bitcoin or bitcoin exchange-traded funds due to compliance and regulatory rules.
Saylor对Chanos的怀疑主义的反驳是，由于合规性和监管规则，战略的股份比比特币或比特币交易所交易的资金更容易拥有和购买。
Proponents of his approach also argue that Strategy’s stock trades at such a rich price to bitcoin because investors believe the company will continue to suck up more of the asset’s finite supply of 21 million units.
他的方法的支持者还认为，战略的股票交易以富裕的价格向比特币交易，因为投资者认为该公司将继续吸收更多资产有限的2100万辆供应。
“If you want to 10x your money, you buy bitcoin,” Saylor said in May at a conference convened to show other firms how to adopt his so-called “bitcoin treasury” strategy.
塞勒在五月召集的会议上说：“如果您想10倍您的钱，就会购买比特币，”塞勒在一次会议上说，向其他公司展示如何采用他所谓的“比特币财政部”策略。
“If you want 100x your money, you buy bitcoin with someone else's money. If you want to 1000x your money, you buy bitcoin with someone else's money and then you leverage the bitcoin.”
“如果您想要100倍的钱，就可以用别人的钱购买比特币。如果您想以1000倍的钱购买比特币，那么您可以用别人的钱购买比特币，然后利用比特币。”
'Financial gibberish'
“金融胆小鬼”
The escalating war of words between Chanos and Saylor has captivated Wall Street as the two lob shots at one another via interviews with TV networks such as CNBC and Bloomberg.
Chanos和Saylor之间不断升级的语言战争使华尔街吸引了华尔街，这是两个LOB射击，通过对CNBC和Bloomberg等电视网络的采访。
“I don’t think he understands what our business model is,” Saylor has said of Chanos, predicting that “if our stock rallies up, he’s going to get liquidated and wiped out.”
Saylor谈到Chanos时说：“我认为他不了解我们的业务模式是什么。
Chanos has said of Saylor that he “is a wonderful salesman, but that’s what he is: He’s a salesman … I call it financial gibberish.”
Chanos谈到Saylor说他“是一位出色的推销员，但这就是他的意思：他是推销员……我称其为财务gibberish。”
