According to CoinMeta, a short seller James Chanos described his strategy and Bitcoin as an “$80 billion operational arbitrage opportunity,” which sparked debates about the valuation of Michael Saylor, a Bitcoin treasury company. Chanos called this relationship one of the largest “pure arbitrage opportunities” he has ever seen. According to recent company disclosures, Strategy currently holds 840,447 Bitcoins, valued at approximately $53.95 billion. The arbitrage calculations for Chanos are not publicly available; they remain descriptions of the opportunity rather than directly verifiable market price differences.