Jim Chanos, a prominent short-seller, has reportedly achieved a 100% profit by closing his short position on MicroStrategy (MSTR) while maintaining a long position in Bitcoin (BTC). Chanos executed a paired trade, anticipating a contraction in MSTR's premium over BTC. MicroStrategy, a major digital asset treasury firm, holds approximately $66 billion in BTC but trades at a 1.23x premium to its adjusted net asset value (mNAV). Since November 2024, the mNAV has declined significantly, while BTC has increased by about 25%. Chanos criticized Michael Saylor's leveraged BTC acquisition strategy, describing it as 'financial nonsense.'