AQR’s Cliff Asness Sides With Jim Chanos in Critique of Michael Saylor’s Strategy

AQR Capital Management's Cliff Asness agrees with Jim Chanos' criticism of Michael Saylor's claim that convertible debt provides downside protection for Strategy's Bitcoin purchases.
The critique centers on whether there is "recourse" for Strategy to pay back holders of its convertible bonds, with Chanos and Asness disagreeing with Saylor's assertion that the debt can be paid off with stock if Bitcoin's price tumbles.
The disagreement is part of an ongoing Wall Street battle between Chanos and Saylor, with Chanos calling Saylor's valuation model "financial gibberish" and recommending an arbitrage trade to short Strategy's shares and buy Bitcoin.

Source link: https://www.bloomberg.com/news/articles/2025-06-20/aqr-s-cliff-asness-sides-with-jim-chanos-in-critique-of-saylor-s-strategy

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