Bitcoin Holding Companies See Potential Turning Point After Short Position Closes

Shares in companies holding large Bitcoin reserves may be nearing a turning point, with prominent short-seller James Chanos closing his positions against Michael Saylor’s Strategy (MSTR). Chanos, known for his bearish bets against major firms, closed both his short position on MSTR and his long position on Bitcoin itself. His decision came after significant price declines in MSTR stock, which has fallen roughly 50% from its 2025 peak, reflecting a drop in its market Net Asset Value (mNAV) to around 1.23x compared to around 2.0x in July.