James Chanos has closed his short position on Strategy Inc., as the premium between the company's market cap and its Bitcoin holdings has reached a multi-year low. This move comes after Bloomberg's report on November 10, 2025, highlighting the diminishing arbitrage opportunities in the paired trade of shorting Strategy Inc. and going long on Bitcoin. Meanwhile, Michael Saylor continues to advocate for Bitcoin accumulation, viewing it as a strategic treasury reserve. The narrowing premium indicates a closer alignment between Strategy Inc.'s stock price and the value of its Bitcoin holdings, prompting leveraged traders and funds to reassess their positions. Corporate treasuries are advised to tighten hedging strategies and enhance liquidity stress tests to manage potential risks.