James Chanos, the famous shortseller best known for shortening Enron before the collapse of 2007, is calling for strategies to ease key safeguards against the purchase of $51 million in Bitcoin and dilution of shareholders.
Chanos said the company’s latest purchase of Bitcoin refers to weak demand for preferential stock offerings, and accused Chairman Michael Saylor of cutting major shareholder protections in a tweet Monday.
In its second quarter 2025 revenue report, it said that the strategy would only issue stocks less than 2.5 times to debt or fund dividends on debt, rather than to buy more BTC.
MNAV, or “Net assets value from the market” is calculated by dividing the market capitalization of a strategy by the sum of Bitcoin holdings and operating assets. A 2.5 read indicates that the stock trades at a 150% premium against the underlying assets.
However, a recent investor slide added the phrase “when otherwise deemed advantageous.” This is the language that critics like Chanos interpreted as giving more room to issue fairness even at lower multiples.
Saylor announced on Monday that he had purchased 430 BTC worth $51.4 million, revealing that he had paid about $119,666 per BTC in the transaction.
The strategy acquired 430 BTC at ~$119,666 per Bitcoin for $51.4 million, achieving BTC yields for 2025 YTD 2025 YTD. $MSTR$STRC$STRK$STRF$STRDHTTPS://t.CO/8ZSHVPTFJO
– Strategy (@strategy) August 18, 2025
With the latest purchase, the Virginia-based company, formerly known as MicroStrategy, has pushed Total Bitcoin Holdings to around 729,376 BTC at the time of writing.
The Strategic Bitcoin Accumulation Strategy has made it BTC the world’s largest corporate holder and owns more than 3% of Bitcoin’s current distribution supply.
Japan’s Metaplanet also added its purchase on Monday, adding 775 BTC for $93 million to hold its holdings at 18,888 BTC.
Bitcoin is currently down 2.8% in 24 hours and 2.8% in 24 hours, a 2.8% down, according to Coinglass.
Earlier this month, Saylor showed that the company could ultimately hold 3-7% of its total supply of Bitcoin, but added that “everyone else has their own work.”
In last month alone, the strategy completed a capital increase of $2.5 billion through newly created STRC preferred stocks and used revenue to acquire 21,021 BTC at an average price of $117,256.
“The Ministry of Cryptocurrency is accelerating the convergence between traditional finance and crypto,” said Seth Ginns, managing partner at Coinfund. Decryption.
The recent wave of Bitcoin financing activities has shown “a clear demand for stock access to crypto tokens,” Jins added, adding that “tokens with strong fundamental backgrounds” are the leading candidates for the finance company.
At $360.98, Strategic stock fell 1.46% that day after reaching a session low of $359.44. According to Google Finance, the stock has retreated from its previous closing price of $366.32 and is now sitting near the bottom of its daily range.
