MicroStrategy buys Bitcoin again, has the shorting institutions ended their short orders on MSTR and should we expect a Rebound?

The pioneer of Bitcoin reserve strategy, MicroStrategy (, announced the repurchase of 487 Bitcoins, increasing its holdings to 641,692 Bitcoins. Recently, the stock price of MicroStrategy ) MSTR ( has been weak, having fallen 43% over the past six months. However, Kynikos Associates, the shorting firm led by Jim Chanos, who has always advocated shorting MicroStrategy, has ended its short positions against MicroStrategy. Does this indicate that MSTR is about to experience a Rebound?

Strategy to buy BTC again, holding a total of 641,692 Bitcoins.

Strategy this time through the issuance

10% preferred stock STRF raised 18.3 million USD

Preferred stock STRC raised 26.2 million USD

8% convertible preferred stock STRK raised 4.5 million USD

10% preferred stock STRD raised 1 million USD

A total of 50 million USD was raised, and 487 Bitcoins were acquired at an average cost of 102,557 USD. As of November 10, 2025, the Strategy holds a total of 641,692 Bitcoins, with a total cost of 47.54 billion USD, and an average cost of 74,079 USD per Bitcoin.

MSTR has fallen over 40% in half a year

MicroStrategy )MSTR('s stock price has recently been weak, having fallen 43% in the past six months. The mNAV )'s current stock price and its value in Bitcoin ( have dropped to 1.22.

Jim Chanos' shorting firm has closed its short positions, will the Bitcoin bear market come to an end?

Famous short positions investor Jim Chanos previously stated in an interview with CNBC that practices like those of Strategy, which uses fundraising to buy Bitcoin and then uses “we own Bitcoin” as a reason to increase the company's valuation, are extremely absurd. He also suggested that investors should go long on Bitcoin while shorting MicroStrategy for arbitrage.

) Famous short positions investor Jim Chanos: Going long on Bitcoin + shorting MicroStrategy for arbitrage (

However, according to a report by Cointelegraph, Chanos' shorting firm Kynikos Associates has closed its short positions on MicroStrategy, citing that the company's “mNAV decline has been completed.”

However, it is still worth observing whether this means that the Bitcoin treasury bear market is about to end.

This article discusses MicroStrategy buying Bitcoin again, are shorting institutions ending their short positions, and is a rebound due? Originally appeared on Chain News ABMedia.