{"id":1345,"date":"2026-03-23T03:00:30","date_gmt":"2026-03-22T19:00:30","guid":{"rendered":"https:\/\/www.yqcsfz.com\/?p=1345"},"modified":"2026-03-23T03:00:30","modified_gmt":"2026-03-22T19:00:30","slug":"%e4%bc%a0%e5%a5%87%e7%a9%ba%e5%a4%b4%e6%92%a4%e9%80%80%ef%bc%81jim-chanos-%e5%b9%b3%e4%bb%93-mstr-%e7%a9%ba%e5%8d%95%ef%bc%8c%e3%80%8c%e6%af%94%e7%89%b9%e5%b8%81%e5%82%a8%e5%a4%87%e8%82%a1%e3%80%8d","status":"publish","type":"post","link":"https:\/\/www.manwah.net\/?p=1345","title":{"rendered":"\u4f20\u5947\u7a7a\u5934\u64a4\u9000\uff01Jim Chanos \u5e73\u4ed3 MSTR \u7a7a\u5355\uff0c\u300c\u6bd4\u7279\u5e01\u50a8\u5907\u80a1\u300d\u6709\u671b\u8fce\u6da8\uff1f"},"content":{"rendered":"<div class=\"thumbnail-container animate-lazy\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"375\" class=\"attachment-jnews-750x375 size-jnews-750x375 lazyload wp-post-image\" alt=\"\u4f20\u5947\u7a7a\u5934\u64a4\u9000\uff01Jim Chanos \u5e73\u4ed3 MSTR \u7a7a\u5355\uff0c\u300c\u6bd4\u7279\u5e01\u50a8\u5907\u80a1\u300d\u6709\u671b\u8fce\u6da8\uff1f\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/11\/GettyImages-181753374-scaled-e1752697816379-1088x612-1-750x375.jpg\" data-srcset=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/11\/GettyImages-181753374-scaled-e1752697816379-1088x612-1-750x375.jpg 750w, https:\/\/blockcast.it\/wp-content\/uploads\/2025\/11\/GettyImages-181753374-scaled-e1752697816379-1088x612-1-360x180.jpg 360w\" data-sizes=\"auto\" data-expand=\"700\" title=\"\u4f20\u5947\u7a7a\u5934\u64a4\u9000\uff01Jim Chanos \u5e73\u4ed3 MSTR \u7a7a\u5355\uff0c\u300c\u6bd4\u7279\u5e01\u50a8\u5907\u80a1\u300d\u6709\u671b\u8fce\u6da8\uff1f\u63d2\u56fe\" \/><\/div>\n<\/div>\n<div class=\"entry-content no-share\">\n<div class=\"jeg_share_button share-float jeg_sticky_share clearfix share-monocrhome\">\n<div class=\"jeg_share_float_container\"><\/div>\n<\/p><\/div>\n<div class=\"content-inner \">\n<p>\u6bd4\u7279\u5e01\u50a8\u5907\u80a1\u7684\u4f4e\u8ff7\u884c\u60c5\uff0c\u6216\u8bb8\u6b63\u63a5\u8fd1\u5c3e\u58f0\u3002\u66fe\u56e0\u653e\u7a7a\u80fd\u6e90\u516c\u53f8\u5b89\u9686\uff08Enron\uff09\u800c\u58f0\u540d\u5927\u566a\u7684\u534e\u5c14\u8857\u4f20\u5947\u7a7a\u5934\u67f4\u8bfa\u65af\uff08Jim Chanos\uff09\u5ba3\u5e03\uff0c\u4ed6\u7684\u6295\u8d44\u516c\u53f8\u5df2\u6b63\u5f0f\u5e73\u4ed3\u5bf9 Strategy\uff08\u80a1\u7968\u4ee3\u53f7\uff1aMSTR\uff09\u7684\u7a7a\u5355\u90e8\u4f4d\uff0c\u7ed3\u675f\u957f\u8fbe\u8fd1\u4e00\u5e74\u7684\u5356\u7a7a\u4ea4\u6613\u3002<\/p>\n<p>\u8fd1\u51e0\u5468\uff0c\u6bd4\u7279\u5e01\u50a8\u5907\u516c\u53f8\u80a1\u4ef7\u60e8\u906d\u91cd\u51fb\uff0c\u591a\u6570\u4e2a\u80a1\u81ea\u5e74\u521d\u9ad8\u70b9\u5927\u5e45\u56de\u843d\u3002\u5206\u6790\u5e08\u751a\u81f3\u4e00\u5ea6\u547c\u5401\u6295\u8d44\u4eba\u79ef\u6781\u505a\u7a7a\uff0c\u5305\u62ec\u4ee5 MSTR \u4e3a\u4ee3\u8868\u7684\u6bd4\u7279\u5e01\u91cd\u4ed3\u80a1\u3002\u4ed6\u4eec\u8b66\u544a\uff0c\u8fd9\u7c7b\u516c\u53f8\u80a1\u4ef7\u65e9\u5df2\u6ce1\u6cab\u5316\uff0c\u300c\u7834\u706d\u53ea\u662f\u65f6\u95f4\u95ee\u9898\u300d\u3002<\/p>\n<p>\u7136\u800c\uff0c\u5c31\u5728\u7a7a\u5934\u60c5\u7eea\u8fbe\u5230\u6781\u81f4\u4e4b\u9645\uff0c\u5e02\u573a\u7684\u98ce\u5411\u4f3c\u4e4e\u5f00\u59cb\u8f6c\u53d8\u3002<\/p>\n<p>Jim Chanos \u5728 11 \u6708 8 \u65e5\u53d1\u6587\u8868\u793a\uff0c\u516c\u53f8\u4e8e\u4e0a\u5468\u4e94\u5f00\u76d8\u65f6\u5df2\u5e73\u6389\u300c\u505a\u7a7a MSTR \u3001\u505a\u591a\u6bd4\u7279\u5e01\u300d\u7684\u5bf9\u51b2\u90e8\u4f4d\u3002\u4ed6\u6307\u51fa\uff0cMSTR \u80a1\u4ef7\u81ea\u4eca\u5e74\u9ad8\u70b9\u4ee5\u6765\u5df2\u4e0b\u8dcc\u7ea6 5 \u6210\uff0c\u8be5\u516c\u53f8\u7684\u5e02\u503c\u76f8\u5bf9\u8d44\u4ea7\u51c0\u503c\u6bd4\u7387\uff08mNAV\uff09\u4e5f\u538b\u7f29\u81f3 1.23 \u500d\u3002<\/p>\n<p>\u8be5\u516c\u53f8\u5728\u5907\u5fd8\u5f55\u4e2d\u6307\u51fa\uff1a\u300c\u9274\u4e8e mNAV \u5df2\u4ece 2025 \u5e74 7 \u6708\u7684\u7ea6 2.0 \u500d\uff0c\u8dcc\u81f3\u5982\u4eca\u7684 1.25 \u500d\u4ee5\u4e0b\uff0c\u73b0\u5728\u5e73\u4ed3\u8fd9\u7b14\u4ea4\u6613\u662f\u660e\u667a\u4e4b\u4e3e\u3002\u300d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">As we have gotten some inquiries, I can confirm that we have unwound our $MSTR\/Bitcoin hedged trade as of yesterday\u2019s open. pic.twitter.com\/lgrWNy35H8<\/p>\n<p>&mdash; James Chanos (@RealJimChanos) November 8, 2025<\/p>\n<\/blockquote>\n<p>\u5907\u5fd8\u5f55\u8fd8\u63d0\u5230\uff0cMSTR \u7684\u9690\u542b\u6ea2\u4ef7\uff08Implied Premium\uff0c\u4f01\u4e1a\u4ef7\u503c\u6263\u9664\u6240\u6301\u6bd4\u7279\u5e01\u8d44\u4ea7\u540e\u7684\u5dee\u989d\uff09\uff0c\u5df2\u4ece\u4eca\u5e74 7 \u6708\u7ea6 700 \u4ebf\u7f8e\u5143\u5927\u5e45\u7f29\u6c34\u81f3 150 \u4ebf\u7f8e\u5143\uff0c\u663e\u793a\u516c\u53f8\u4f30\u503c\u5df2\u56de\u5230\u76f8\u5bf9\u5408\u7406\u7684\u6c34\u5e73\u3002<\/p>\n<p>Jim Chanos \u603b\u7ed3\uff0c\u5c3d\u7ba1 MSTR \u7684 mNAV \u53ef\u80fd\u4f1a\u56e0\u4e3a\u516c\u53f8\u6301\u7eed\u589e\u53d1\u666e\u901a\u80a1\u800c\u8fdb\u4e00\u6b65\u88ab\u538b\u7f29\uff0c\u4f46\u4ed6\u7684\u300c\u653e\u7a7a\u8bba\u70b9\u5df2\u5927\u81f4\u5151\u73b0\u300d\u3002<\/p>\n<p>Jim Chanos \u9ad8\u8c03\u7684\u5e73\u4ed3\u884c\u52a8\uff0c\u88ab\u5e02\u573a\u89c6\u4e3a\u673a\u6784\u7a7a\u5934\u90e8\u4f4d\u6b63\u5728\u9000\u573a\u7684\u5f3a\u70c8\u8baf\u53f7\uff0c\u53ef\u80fd\u610f\u5473\u8457\u6bd4\u7279\u5e01\u50a8\u5907\u516c\u53f8\u6700\u7cdf\u7684\u65f6\u671f\u5df2\u7ecf\u8fc7\u53bb\u3002<\/p>\n<p>\u5bf9\u6b64\uff0cThe Bitcoin Bond Company \u6267\u884c\u957f Pierre Rochard \u5c31\u8bc4\u8bba\u79f0\uff1a\u300c\u6bd4\u7279\u5e01\u50a8\u5907\u516c\u53f8\u7684\u718a\u5e02\u6b63\u9010\u6e10\u8d70\u5411\u5c3e\u58f0\u3002\u300d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u6bd4\u7279\u5e01\u50a8\u5907\u80a1\u7684\u4f4e\u8ff7\u884c\u60c5\uff0c\u6216\u8bb8\u6b63\u63a5\u8fd1\u5c3e\u58f0\u3002\u66fe\u56e0\u653e\u7a7a\u80fd\u6e90\u516c\u53f8\u5b89\u9686\uff08Enron\uff09\u800c\u58f0\u540d\u5927\u566a\u7684\u534e\u5c14\u8857\u4f20\u5947\u7a7a\u5934\u67f4\u8bfa\u65af\uff08J [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1346,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news"],"_links":{"self":[{"href":"https:\/\/www.manwah.net\/index.php?rest_route=\/wp\/v2\/posts\/1345","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.manwah.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.manwah.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.manwah.net\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.manwah.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1345"}],"version-history":[{"count":1,"href":"https:\/\/www.manwah.net\/index.php?rest_route=\/wp\/v2\/posts\/1345\/revisions"}],"predecessor-version":[{"id":7253,"href":"https:\/\/www.manwah.net\/index.php?rest_route=\/wp\/v2\/posts\/1345\/revisions\/7253"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.manwah.net\/index.php?rest_route=\/wp\/v2\/media\/1346"}],"wp:attachment":[{"href":"https:\/\/www.manwah.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.manwah.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.manwah.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}