{"id":50203,"date":"2025-06-05T16:20:01","date_gmt":"2025-06-05T16:20:01","guid":{"rendered":"https:\/\/thecryptocurrencypost.net\/es\/?p=50203"},"modified":"2025-06-05T16:20:03","modified_gmt":"2025-06-05T16:20:03","slug":"chanos-apuesta-contra-strategy-aqui-los-motivos","status":"publish","type":"post","link":"https:\/\/thecryptocurrencypost.net\/es\/chanos-apuesta-contra-strategy-aqui-los-motivos\/","title":{"rendered":"Chanos Apuesta Contra Strategy: Aqu\u00ed los Motivos"},"content":{"rendered":"<p data-start=\"0\" data-end=\"525\">Puntos clave de la noticia:<\/p>\n<ul>\n<li data-start=\"68\" data-end=\"198\">\n<p style=\"text-align: justify\" data-start=\"70\" data-end=\"198\">Jim Chanos anticipa que<strong> la prima de Strategy sobre sus tenencias de Bitcoin es insostenible<\/strong> y sugiere aprovechar el arbitraje.<\/p>\n<\/li>\n<li style=\"text-align: justify\" data-start=\"199\" data-end=\"338\">\n<p data-start=\"201\" data-end=\"338\">Los fondos de cobertura aprovechan un fee de apenas 0,3% y bajo inter\u00e9s corto para <strong>mantener la apuesta contra las acciones de Strategy.<\/strong><\/p>\n<\/li>\n<li data-start=\"339\" data-end=\"482\" data-is-last-node=\"\">\n<p style=\"text-align: justify\" data-start=\"341\" data-end=\"482\" data-is-last-node=\"\">Analistas advierten que fusiones o cambios corporativos <strong>pueden alterar la valuaci\u00f3n y complicar la estrategia de arbitraje en el corto plazo<\/strong>.<\/p>\n<\/li>\n<\/ul>\n<hr \/>\n<p style=\"text-align: justify\" data-start=\"0\" data-end=\"525\"><strong>Jim Chanos<\/strong>, conocido por anticipar el colapso de Enron, <strong>lanz\u00f3 una nueva <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-06-05\/jim-chanos-sees-big-short-in-saylor-s-strategy-others-see-risks\" target=\"_blank\" rel=\"noopener noreferrer\">predicci\u00f3n<\/a> que ha puesto en vilo a los mercados<\/strong>.<!--more--><\/p>\n<h2 data-start=\"0\" data-end=\"525\">Un Chanos Muy Osado Juega Contra el Gigante de Bitcoin<\/h2>\n<p style=\"text-align: justify\" data-start=\"0\" data-end=\"525\">El inversor recomienda <strong>comprar <a href=\"https:\/\/thecryptocurrencypost.net\/es\/noticias-criptomonedas\/noticias-bitcoin\/\" target=\"_blank\" rel=\"noopener\">Bitcoin<\/a> y tomar una posici\u00f3n corta contra Strategy<\/strong>, la firma dirigida por <strong>Michael Saylor<\/strong> que concentra miles de millones en BTC. Su argumento se basa en<strong> la brecha entre el valor de mercado de la acci\u00f3n y el valor real de los Bitcoin que posee la empresa<\/strong>. Aunque esa diferencia super\u00f3 el 200% en 2024, <strong>hoy ronda el 70%,<\/strong> lo que sigue dejando un margen para hacer arbitraje.<\/p>\n<p style=\"text-align: justify\" data-start=\"527\" data-end=\"1001\">Strategy ha sostenido esa prima gracias a su modelo de tesorer\u00eda, que consiste en <strong>emitir acciones y deuda para comprar Bitcoin<\/strong>. Esta din\u00e1mica ha seducido a minoristas atra\u00eddos por la exposici\u00f3n indirecta a la criptomoneda, sin comisiones y con el potencial de aumentar el Bitcoin por acci\u00f3n mediante apalancamiento. Sin embargo, para Chanos, <strong>pagar $400 por una acci\u00f3n que representa Bitcoin por un valor de $220.000, cuando el activo cotiza a $110.000, resulta insostenible.<\/strong><\/p>\n<p data-start=\"527\" data-end=\"1001\"><img decoding=\"async\" class=\"alignnone size-full wp-image-50204\" src=\"https:\/\/thecryptocurrencypost.net\/es\/wp-content\/uploads\/sites\/2\/2025\/06\/strategy-bloomberg.jpg\" alt=\"Jim Chanos Bitcoin Strategy\" width=\"699\" height=\"399\" srcset=\"https:\/\/thecryptocurrencypost.net\/es\/wp-content\/uploads\/sites\/2\/2025\/06\/strategy-bloomberg.jpg 699w, https:\/\/thecryptocurrencypost.net\/es\/wp-content\/uploads\/sites\/2\/2025\/06\/strategy-bloomberg-300x171.jpg 300w, https:\/\/thecryptocurrencypost.net\/es\/wp-content\/uploads\/sites\/2\/2025\/06\/strategy-bloomberg-585x334.jpg 585w\" sizes=\"(max-width: 699px) 100vw, 699px\" \/><\/p>\n<h3 data-start=\"527\" data-end=\"1001\">Atentos a los Cambios Inesperados<\/h3>\n<p style=\"text-align: justify\" data-start=\"1003\" data-end=\"1429\">Fondos de cobertura y firmas de arbitraje han seguido de cerca este desajuste.<strong> Algunos lo comparan con el arbitraje que existi\u00f3 entre Bitcoin y el Grayscale Bitcoin Trust en 2021<\/strong>, aunque con mayor flexibilidad operativa. Los costos para mantener posiciones cortas en Strategy son bajos, con <strong>un fee del 0,3% y solo el 11% del float vendido en corto<\/strong>, lo que permite sostener apuestas de este tipo sin complicaciones log\u00edsticas.<\/p>\n<p style=\"text-align: justify\" data-start=\"1431\" data-end=\"1847\">Pese a todo esto, el mercado no puede ignorar los riesgos. <strong>Eventos corporativos inesperados<\/strong>, como fusiones o cambios en la actividad principal de la empresa, <strong>podr\u00edan alterar la relaci\u00f3n entre el valor de las acciones y las tenencias de Bitcoin<\/strong>, complicando la operaci\u00f3n. Adem\u00e1s, un incremento en la demanda de pr\u00e9stamos de acciones para operaciones de arbitraje <strong>podr\u00eda elevar los costos para quienes mantengan posiciones cortas<\/strong>.<\/p>\n<p style=\"text-align: justify\" data-start=\"1849\" data-end=\"2339\" data-is-last-node=\"\" data-is-only-node=\"\"><strong>Algunos analistas defienden que la prima de Strategy est\u00e1 justificada por su modelo<\/strong> sin comisiones y su capacidad de apalancamiento. <strong>Otros coinciden con Chanos en que esa ventaja es fr\u00e1gil<\/strong>. Se espera que, en un horizonte de cuatro a cinco a\u00f1os, <strong>la brecha tienda a desaparecer<\/strong>. Para los fondos profesionales, este tipo de operativa resulta atractiva, pero para los inversores particulares el riesgo de la volatilidad y de cambios en las condiciones de mercado puede ser demasiado alto.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Puntos clave de la noticia: Jim Chanos anticipa que la prima de Strategy sobre sus tenencias de Bitcoin es insostenible y sugiere aprovechar el arbitraje. Los fondos de cobertura aprovechan un fee de apenas 0,3% y bajo inter\u00e9s corto para mantener la apuesta contra las acciones de Strategy. Analistas advierten que fusiones o cambios corporativos [&hellip;]<\/p>\n","protected":false},"author":31,"featured_media":50205,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[80,33],"tags":[124,29,140,345,188,795],"class_list":["post-50203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-companias","category-editors-picks","tag-bitcoin","tag-blockchain","tag-criptomonedas","tag-inversiones","tag-mercado","tag-microstrategy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Chanos Apuesta Contra Strategy: Aqu\u00ed los Motivos The CryptoCurrency Post ESP<\/title>\n<meta name=\"description\" content=\"Jim Chanos anticipa que la prima de Strategy sobre sus tenencias de Bitcoin es insostenible y sugiere aprovechar el arbitraje.\" \/>\n<meta name=\"robots\" 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