Jim Chanos

I think a lot of investors, however, are basically investing in the picks and shovels, the data centers, the equipment guys.

And I think that's, at the end of the day, going to be a commodity business.

So you're exactly right.

I mean, we're agnostic on Bitcoin.

I have no idea where Bitcoin is going or what it's worth.

But we own Bitcoin against the micro strategy short.

This was an arbitrage.

And we just, as you know, we just weren't and aren't believers in this whole concept of Bitcoin treasury companies trading at premium to the underlying asset.

And it's interesting, I mean, since we were on last, I mean, the so-called MNAV, the premium has compressed from about 1.9 to 1.4.

But what's really interesting is what's happened to all the strategy wannabe companies.

Most of those now have gone to below 1.0 NAV.

So they've been completely blown out of the water.

And

You know, the strategy is kind of the granddaddy of this and is still holding on at 1.4.

But again, we just think that investors are much better suited if they're Bitcoin believers in buying Bitcoin at $1, not $1.40.

We have not covered any of our shorts.

But, you know, again, we reserve the right to change our mind.

But I think as long as MicroStrategy keeps selling its paper to buy Bitcoin, we're going to do the same thing that they're doing.

No, we did not.

We just kept it to strategy.