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Jim Chanos Unwinds Strategy Short as Stock’s Bitcoin Premium Collapses After 50% Sell-off
Famed short seller Jim Chanos closed his closely-watched wager pitting Strategy against bitcoin, saying the valuation gap that once made the trade so compelling had largely vanished.
Chanos said Saturday in a social media post on X that as of Friday’s market open he had unwound his pair trade of shorting Strategy and going long bitcoin. The move came after Strategy shares plunged about 50% from their 2025 peak, erasing much of the premium investors were once willing to pay for its massive bitcoin holdings.
The software company has bought billions of dollars worth of bitcoin in recent years, becoming the largest corporate holder of the flagship cryptocurrency. Strategy, formerly MicroStrategy until earlier this year, used leverage to amass its bitcoin stockpile and once traded at a wide premium to its bitcoin holdings.
Ethereum Treasury Firm BitMine Buys the Dip With $389 Million ETH Addition
Publicly traded Ethereum treasury company BitMine Immersion Technologies added 110,301 ETH—$389 million worth at the current price—to its holdings over the last week, the company announced Monday.
The company's portfolio includes over 3.5 million ETH—valued at about $12.4 billion as of this writing—along with 192 Bitcoin ($20.2 million worth) and $398 million in cash.
BitMine purchased 34% more ETH last week than the week prior, with Chairman Tom Lee attributing the larger buy to taking advantage of depressed prices.
US Treasury Department and IRS Guidance to Let Wall Street Crypto Products Stake Assets
The U.S. Treasury and IRS issued guidance Monday allowing Wall Street crypto products to offer staking rewards under a new safe harbor.
The move gives regulatory clarity to staking assets like Ethereum and Solana, easing institutional participation.
Industry leaders say the guidance could significantly boost mainstream adoption of proof-of-stake blockchains.
Rumble to Acquire Northern Data as Tether Commits $150 Million to Power AI Push
YouTube rival and Bitcoin treasury Rumble has said it is buying AI and high-performance-computing firm Northern Data in a deal backed by stablecoin giant Tether.
The alternative media company—which describes itself as "the freedom-first technology platform"—said Monday that it would get access to the German company's GPUs and would work to expand its cloud business. Tether currently has a controlling stake in Northern Data.
Separate reports valued the deal at $970 million and $767 million, respectively. Rumble shares jumped over 11% on Monday in New York, following the announcement.
Bitdeer Stock Tumbles as Bitcoin Miner Posts Third Quarter Net Loss
Bitcoin miner Bitdeer Technology Group saw its stock close down 20% on Monday after the company reported a net loss of $266.7 million for its third quarter, marking a 422% decline from the previous year.
BitDeer's loss per share was -$1.28, down from -$0.35 in Q3 2024 and below Zacks Investment Research's consensus estimate of -$0.22. The firm, however, nearly tripled its revenue to $169.7 million from $62 million last year, beating Zacks' forecast.
BTDR closed Monday at $17.65 per share, according to Yahoo Finance data, giving up gains it had made over the past month.
Bitcoin Miner TeraWulf Revenue Surges 87% Amid Bitcoin Price Rise and Expanded Mining Capacity
Bitcoin miner and datacenter operator TeraWulf reported $50.6 million in revenue Monday, representing a 87% increase compared to the same period last year.
Easton, Maryland-based TeraWulf attributed the gain to Bitcoin's rising price, expanded mining capacity, and the start of high performance performance computing lease revenue.
“The third quarter into the fourth has been remarkably busy for TeraWulf,” Paul Prager, TeraWulf chief executive officer, said in a statement, highlighting the a growing partnership with Fluidstack and Google. "These transactions demonstrate the strength of our platform and the trust that world-class technology partners place in our ability to execute."
Bitcoin Miner Greenidge Settles New York Permit Dispute, Prompting Stock Spike
Bitcoin miner Greenidge saw its stock pump over 39% on Monday, after the company announced a deal with New York state officials to secure the five-year renewal of a key environmental permit.
In exchange for the permit, Greenidge has agreed to significantly reduce its greenhouse gas emissions, to a degree consistent with New York state’s ambitious climate goals. The company has committed to reducing its permitted emissions by 44% by the year 2030.
That goal lines up with a landmark New York climate law, passed in 2019, which aims to, by 2030, reduce statewide greenhouse gas emissions by 40% from 1990 levels.
Bitcoin & Ethereum Spot ETF Flow
The overall net inflow of the US Bitcoin spot ETF on Monday was $1.15 million. The total net asset value of Bitcoin spot ETFs is $141.54 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.67%.
The Bitcoin spot ETF with the highest net inflow on November 10 was Bitwise Bitcoin ETF (BITB), with a net inflow of $1.15 million, according to SoSoValue.
Source: SoSoValue
The overall net inflow of the US Ethereum spot ETF on Monday was $0. The total net asset value of Ethereum spot ETFs is $23.43 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 5.42%.
Source: SoSoValue
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