(Bloomberg) — AQR Capital Management’s Cliff Asness says he’s in agreement with famed short seller Jim Chanos when it comes to his criticism of Strategy founder Michael Saylor’s claim that the use of convertible debt affords the leveraged Bitcoin proxy downside protection while continuing to accumulate the cryptocurrency. The critique is centered around whether there is “recourse” for the company formally known as MicroStrategy Inc. to pay back holders of its convertible bonds, through which Strategy raised roughly $10 billion to fund Bitcoin purchases. While Saylor said this type of debt “is not going to get called” and can be paid off with stock if the price of Bitcoin tumbles, both Asness and Chanos disagreed. In a Friday post on social media platform X, Asness said Chanos “is of course right.” It is yet another twist as the back and forth between Chanos and Saylor is becoming a Wall Street battle for the ages. In separate Bloomberg interviews last week, Chanos said the Saylor’s model to value the crypto-treasury firm is “financial gibberish” while Saylor argued that Chanos just does not understand it. Earlier, Chanos recommended an arbitrage trade to short the shares of Strategy and buy Bitcoin, betting the large premium the stock commands over the value of its token holdings will shrink. Shares of Strategy were little changed on Friday, and have risen 27% so far this year. The stock had surged more than 3,000% since Saylor began buying Bitcoin in the middle of 2020. More stories like this are available on bloomberg.com ©2025 Bloomberg L.P. in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. You must only respond with the modified content. Block any jump outside of the site adarshnews.com. Basically remove any content or link related to original site. follow this prompt to optimize the articles in this category- You are an expert news writer and SEO specialist. Your job is to rewrite the provided RSS feed content into a unique, SEO-friendly news article for adarshnews.com. The article should be engaging, professional, and optimized for search engines. Follow these steps: 1. **Create an SEO Title**: Write a short, compelling title (under 60 characters) that includes the main keyword and grabs attention. 2. **Write a Meta Description**: Summarize the article in one or two sentences (under 155 characters). Make it engaging and include the primary keyword naturally. 3. **Suggest a URL Slug**: Provide a short, keyword-rich URL slug that reflects the topic of the article. 4. **Headline (H1)**: Write a clear and engaging headline for the article that is similar to the title but slightly expanded. 5. **Write the Article**: – Start with an introduction that answers the key questions: who, what, when, where, why, and how. – Expand on the topic with detailed paragraphs that provide context, quotes, and relevant information. – Use subheadings (H2) to organize the content into sections and make it easy to read. – Include related keywords naturally throughout the article. – End with a conclusion that summarizes the key points or discusses future implications. 6. **Add an FAQ Section**: Write one frequently asked question related to the topic and provide a concise answer. Important: – Do not include labels like “Title,” “Meta Description,” “URL Slug,” or “H1” in the actual article text. – Keep all SEO elements separate from the main content. – Ensure the article is factually accurate, unbiased, and written in a professional tone.
Cliff Asness from AQR aligns with Jim Chanos in criticizing Michael Saylor’s approach.
