Wall Street's big short warns: Bitcoin treasury frenzy may repeat SPAC crash tragedy

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On July 18, according to reports from Block Rhythm, Wall Street's well-known short positions investor Jim Chanos has sounded the alarm on the hot phenomenon of corporate Bitcoin treasuries. Chanos likened it to the frenzied SPAC (special purpose acquisition company) wave of 2021 — during which $90 billion was raised in just three months, only to end in a disastrous crash.

But this time, what is different is that the listed company is acquiring Bitcoin by issuing convertible bonds and preferred shares, without engaging in any other substantial business.

"What we are seeing in the Bitcoin treasury market now is eerily similar to the frenzy of SPACs in 2021," Chanos said this week on a podcast, "Almost every day there are substantial announcements - 'hundreds of millions every night.'"

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Rugman_Walkingvip
· 07-18 02:36
Short positions are singing the blues again.
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AirdropATMvip
· 07-18 02:32
Is the empty play starting again?
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CryptoHistoryClassvip
· 07-18 02:27
*checks history textbook* textbook dot com bubble vibes fr fr
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ForeverBuyingDipsvip
· 07-18 02:12
Suckers are ready to play people for suckers.
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