Jim Chanos vs. Pierre Rochard: MicroStrategy (MSTR) mNAV Debate (BTC243)

Jim Chanos and Pierre Rochard face off on Bitcoin-native corporates, debating governance, valuation models, capital structure, and whether BTC on the balance sheet adds value or risk.

What you'll learn here:
00:00:00 - Intro
00:01:38 - Why Jim Chanos is short BTC companies but long Bitcoin itself
00:08:37 - Pierre Rochard's view on using corporate debt/equity to acquire BTC
00:11:24 - The risks of NAV premiums and misaligned management incentives
00:18:44 - Whether BTC treasuries offer more than just bull-market beta
00:19:15 - Debate over proper valuation frameworks: NAV vs. cash flow
00:27:30 - Capital structure tools best suited for BTC-native companies
00:30:51 - Could BTC treasuries evolve into financial infrastructure—or stay niche?
00:31:28 - The systemic implications of too many firms holding BTC on balance sheets
00:36:04 - What a “responsible” BTC treasury strategy could look like

Transcript & Guest Info:
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#Bitcoin #MicroStrategy #JimChanos #PierreRochard #BitcoinInvesting