BlockBeats news, on July 18, reported by DL News, Wall Street’s well-known short seller Jim Chanos has sounded the alarm on the hot phenomenon of corporate Bitcoin treasuries. Chanos likened it to the frenzy of SPAC (special purpose acquisition company) in 2021—during which $90 billion was raised in just three months, only to end in a disastrous crash. But this time, the difference is that public companies are purchasing Bitcoin through the issuance of Convertible Bonds and preferred shares, without engaging in any other substantive business. “What we are seeing now in the Bitcoin treasury market is strikingly similar to the madness of SPAC in 2021,” Chanos said this week on a podcast, “there are significant announcements almost every day—‘hundreds of millions every night.’”
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