Headline: Закрытие короткой позиции: сигнал о возможном развороте крипторынка Translation: Closing a Short Position: A Signal of Possible Market Reversal

Kynikos Associates has closed its short position on shares of Strategy and its long position in Bitcoin, as reported by the firm’s founder, James Chanos.

This move may signal the end of a downturn for public companies holding Bitcoin in their reserves.

Chanos explained that the premium to net asset value (mNAV) for the firm has decreased to 1.23x.

*“It makes sense to exit this trade with an mNAV below 1.25x. Just in July 2025, the figure reached around 2.0x,” he wrote.*

According to him, the premium of Strategy—the difference between the company’s market capitalization and the value of its Bitcoin reserves of 641,205 BTC—has fallen from $70 billion in July to $15 billion. This indicates a more accurate market valuation of the firm. Chanos added that «the concept has mostly played out.»

Pierre Rochard, CEO of The Bitcoin Bond Company, described this development as a market reversal signal.

*“The bear market for Bitcoin companies is gradually coming to an end,” he stated.*

In recent months, the stocks of many of the 200 public firms with Bitcoin on their balance sheets have significantly declined. The market value of Strategy has *fallen by 43%*—from $122.1 billion in July to $69.5 billion. The Japanese company Metaplanet has *lost 56%* in market capitalization since June 21.

Some companies have been *forced to sell* a portion of their Bitcoin to settle debts.

Additional pressure on the market has been exerted by the *shutdown* of the U.S. government. However, media outlets have reported *that an agreement on the budget has been reached*. Against this backdrop, the price of Bitcoin rose by 2% in 50 minutes, reaching $106,430.

The emergence of regulated altcoin futures has provided traditional investors with a new income avenue in the cryptocurrency market, said Chris Perkins, president of CoinFund, in an interview with *CoinDesk*.

The *basis trading* strategy involves simultaneously buying shares of companies with crypto assets on their balance sheets (DAT) and selling futures on the underlying asset. This allows for profitability without direct ownership of tokens.

Digital Asset Treasuries (DAT) are public companies that raise capital through stock issuance and invest it in digital currencies.

These firms act as a bridge between traditional finance (TradFi) and the crypto industry. Their stocks offer investors regulated access to the digital asset market, minimizing operational risks.

For instance, the shares of Strategy have increased 22 times since it began purchasing Bitcoin, whereas the asset itself has appreciated 10 times in the same period.

For a long time, basis trading was limited due to the absence of regulated derivatives. The situation changed after the SEC’s shift in policy.

The new chair of the Commission, Paul Atkins, has stated that *»most tokens are not securities,»* paving the way for the launch of futures on various altcoins and increasing market liquidity.

An investor purchases shares of DAT while simultaneously opening a short position on a futures contract for the same crypto asset. This approach eliminates price risk, with returns generated from the difference between the spot price and the derivative’s price.

When derivatives trade at a premium to the underlying assets (the «contango» situation), the strategy can yield stable returns. In the case of altcoins, potential profits may exceed those with Bitcoin.

Perkins noted that the strategy is not without risks. If the market capitalization of DAT falls relative to its crypto assets, hedging with futures may not cover losses.

However, he believes that such instruments play a crucial role in the «normalization of crypto investments on Wall Street.»

*“This could be the deal of 2026,”* concluded the head of CoinFund.

Recall that in November, the investment director of Bitwise, Matt Hougan, pointed to the inefficiency of crypto treasuries.