Is This the Indicator That Bitcoin Treasury Companies Have Hit a Bottom?

Why It Matters

The closure signals that valuation pressure on public bitcoin‑holding companies may be easing, which could revive investor appetite for crypto‑linked equities and stabilize capital flows into the sector.

Summary

Jim Chanos ended an 11‑month short on Strategy (MSTR) after the company’s multiple net‑asset‑value (mNAV) compressed from 2.5× to 1.23×, erasing the premium that once justified his bet. The move comes as other bitcoin‑treasury firms such as Metaplanet and KindlyMD have plunged more than 80% from their peaks, leaving MSTR as the sole major holder still trading at a modest premium. MSTR’s shares fell about 20% to a 2025 low before rebounding 3% in pre‑market trade, while Bitcoin rallied above $105,000, up roughly 14% year‑to‑date. The unwind is being read as a possible bottom for the battered bitcoin‑treasury‑stock sector.