Wall Street's well-known short Jim Chanos: We are selling MicroStrategy shares and buying bitcoin

Jim Chanos, a well-known Wall Street short, told the Sohn investment conference in New York that he was conducting an aggressive long-short trade involving MicroStrategy and bitcoin. Chanos is also bullish on bitcoin and short MicroStrategy, arguing that the company holds a large amount of bitcoin through leverage, and the stock price is a large premium to its bitcoin holdings.
Chanos pointed out that it was unreasonable for MicroStrategy and its imitators to promote the idea of buying bitcoin through a corporate structure to retail investors and valuing it at a similar premium. He said that by selling short MicroStrategy shares and buying bitcoin, you are buying for $1 and selling for $2.50. MicroStrategy shares have risen more than 220% over the past year, while bitcoin has risen nearly 70% over the same period.