Based on The Coin Republic, investor Jim Chanos has closed his short position on MicroStrategy (MSTR) stock and long Bitcoin trade as of November 7, 2025. The move follows a sharp decline in MSTR's stock price and a drop in its market net asset value (mNAV) to 1.23 times, down from 2.50 times when the strategy began in December 2024. The implied premium of MSTR stock has fallen to around $15 billion from as high as $80 billion in November 2024. Chanos & Co advised clients to cover the trade as the mNAV moved below 1.25 times, indicating the trade has largely reached its goal. MicroStrategy currently holds about 641,205 Bitcoin, valued at roughly $64.1 billion, while its net debt is $14.4 billion and total market value is near $65.1 billion. MSTR stock closed at $241.93 on November 7, up 2% for the day.
Jim Chanos Unwinds MSTR Short and Bitcoin Long Hedge as Premium Narrows
The Coin RepublicShare
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